China Renaissance, a prominent player in China's tech industry, has suspended trading of its shares and delayed the release of its annual results due to the founder's disappearance. Bao Fan, 52, who founded the boutique investment bank in 2005, has been unreachable since mid-February.
Shares in the company plummeted following Bao's disappearance, with prices dropping as much as 50%. The company had initially stated that Bao was cooperating with an investigation by certain authorities, but no further details were provided.
Chinese media have reported that Bao might be assisting in an investigation related to a former executive at China Renaissance. However, the company has not commented on this speculation.
In its latest filing, China Renaissance stated that auditors were unable to complete their work or sign off on their report due to Bao's absence. The board was also unable to provide an estimate for when it would be able to approve its audited results or dispatch its annual report by the required deadline of April 30.
As a result, trading in the company's shares has been suspended since Monday. Bao Fan is a well-known veteran dealmaker who has worked closely with top technology companies in China, including Meituan and Dianping.
His team has also invested in several prominent Chinese companies listed on US exchanges, such as Nio and Li Auto. Furthermore, Bao's team helped Chinese internet giants like Baidu and JD.com complete their secondary listings in Hong Kong.
The disappearance of Bao Fan comes amidst a broader crackdown by President Xi Jinping on financial executives suspected of wrongdoing. In recent months, several high-ranking officials have been charged with corruption or other serious offenses, including former Bank of China chairman Liu Liange.
Bao's case is the latest in a series of high-profile investigations and arrests targeting senior financial officials in China.
Shares in the company plummeted following Bao's disappearance, with prices dropping as much as 50%. The company had initially stated that Bao was cooperating with an investigation by certain authorities, but no further details were provided.
Chinese media have reported that Bao might be assisting in an investigation related to a former executive at China Renaissance. However, the company has not commented on this speculation.
In its latest filing, China Renaissance stated that auditors were unable to complete their work or sign off on their report due to Bao's absence. The board was also unable to provide an estimate for when it would be able to approve its audited results or dispatch its annual report by the required deadline of April 30.
As a result, trading in the company's shares has been suspended since Monday. Bao Fan is a well-known veteran dealmaker who has worked closely with top technology companies in China, including Meituan and Dianping.
His team has also invested in several prominent Chinese companies listed on US exchanges, such as Nio and Li Auto. Furthermore, Bao's team helped Chinese internet giants like Baidu and JD.com complete their secondary listings in Hong Kong.
The disappearance of Bao Fan comes amidst a broader crackdown by President Xi Jinping on financial executives suspected of wrongdoing. In recent months, several high-ranking officials have been charged with corruption or other serious offenses, including former Bank of China chairman Liu Liange.
Bao's case is the latest in a series of high-profile investigations and arrests targeting senior financial officials in China.
but what if he's actually telling the truth and there's something fishy going on? The Chinese media is saying one thing, but who knows, maybe they're just covering it up 
. It's like, if a high-profile dealmaker like Bao can just vanish, that's a red flag to me. What if he's not a bad guy and someone's trying to frame him? This whole investigation thing is getting sketchy by the minute...
and now his company is just suspended? 
it's not even 50% market cap 
the whole thing feels so shady, but at the same time, i'm kinda rooting for bao to come back 
hopefully he's okay and this isn't all some government witch hunt 
do you think it's related to that new crackdown on financial executives? 
so now we're stuck wondering what happened to bao fan... was he involved in something shady? 
and i hope bao's team can get things back on track 
this is getting crazy. China Renaissance just tanked after Bao Fan vanished... 50% price drop? that's insane. what's going on with his team? are they in danger too? 
. It's like, what's going on over there? 
Bao Fan was a major player, had connections to all these big companies... this is getting serious 
. Suspension of trading shares and delayed results? That's not good for investors or the company itself 
. Something fishy is going on, but I'm just gonna sit back and watch this one unfold 
. His team's involvement with top companies like Meituan, Dianping, Nio, and Li Auto is super impressive 
.
. I mean, with President Xi Jinping cracking down on financial executives suspected of wrongdoing, it's clear that something fishy is going on 
.
the way theyre playin it cool about the whole thing is super sus "cooperating with investigation" lol no details just vague statements 
& now chinese media is all like he might be helping w/ an investigation into a former executive but china renaissance isnt saying anything 
this just smells like another case of xi jinpings crackdown on financial execs 
Oh man, this is like something out of a spy thriller! I mean, who expects their founder to just disappear? 
And now shares are plummeting like a stock market rollercoaster - poor investors! 
It's like they're trying to rebrand China Renaissance as 'The Company Where Our Founder Went Missing' 
. On a more serious note, it is kinda weird that the company isn't spilling any beans about Bao's disappearance... maybe they're just playing it cool? 
The whole thing has got me wondering if this is some sort of high-stakes game of corporate chess 
or if someone just needs to find Bao and hand him a coffee 
️.
. but what's going on with bao fan tho? disappeared without a word? no idea what's gonna happen next 
i feel bad for bao fan he was such a big player in chinese tech but now his team is all shook up 
anyone know what's goin down with bao and the investigation tho 
it's like his disappearance is being used as leverage or something 
i feel like there's some more info we're not being told about this whole thing... can someone explain what's going on in China rn? 
but now he just vanished into thin air? and the company is basically frozen because of it 
. You've got high-ranking officials being charged with corruption and serious offenses, and now Bao Fan is right in the middle of it all 
. His team has a ton of connections and investments in US exchanges too 
. What is it about success that makes us so vulnerable to loss? Is it the weight of expectation, or perhaps the hubris that comes with being a master dealmaker? The fact that he's been unreachable since mid-February feels like an eternity, leaving us all wondering what exactly happened to him 
.
what's really going down here?