China Renaissance, a prominent investment bank 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, went missing in mid-February and has been unreachable ever since.
Since his disappearance, shares in China Renaissance have plummeted by as much as 50%. The company's absence from the market has raised concerns among investors, particularly given its strong track record of working with top technology companies in China. Bao is a veteran dealmaker known for his close relationships with prominent tech firms, having brokered the merger between Meituan and Dianping in 2015.
Bao's team has also been involved in several high-profile investments, including those in US-listed Chinese electric vehicle makers Nio and Li Auto. His connection to Chinese internet giants Baidu and JD.com has also been significant.
However, Bao's disappearance coincides with a broader crackdown on financial executives in China. Liu Liange, former party secretary and chairman of Bank of China, is among those targeted by President Xi Jinping's anti-graft watchdog. Liu is suspected of serious violations of discipline and law.
The investigation into Liu's activities has raised questions about the potential for Bao to be assisting in a similar probe. However, China Renaissance has not confirmed any such involvement and has instead stated that auditors were unable to complete their work due to Bao's absence.
As a result, China Renaissance has delayed the release of its annual results and suspended trading on its shares. The company's board was unable to provide an estimate for when it would be able to approve its audited results or dispatch its annual report by April 30, as required by Hong Kong's listing rules.
Since his disappearance, shares in China Renaissance have plummeted by as much as 50%. The company's absence from the market has raised concerns among investors, particularly given its strong track record of working with top technology companies in China. Bao is a veteran dealmaker known for his close relationships with prominent tech firms, having brokered the merger between Meituan and Dianping in 2015.
Bao's team has also been involved in several high-profile investments, including those in US-listed Chinese electric vehicle makers Nio and Li Auto. His connection to Chinese internet giants Baidu and JD.com has also been significant.
However, Bao's disappearance coincides with a broader crackdown on financial executives in China. Liu Liange, former party secretary and chairman of Bank of China, is among those targeted by President Xi Jinping's anti-graft watchdog. Liu is suspected of serious violations of discipline and law.
The investigation into Liu's activities has raised questions about the potential for Bao to be assisting in a similar probe. However, China Renaissance has not confirmed any such involvement and has instead stated that auditors were unable to complete their work due to Bao's absence.
As a result, China Renaissance has delayed the release of its annual results and suspended trading on its shares. The company's board was unable to provide an estimate for when it would be able to approve its audited results or dispatch its annual report by April 30, as required by Hong Kong's listing rules.
This is crazy... Bao Fan disappearing like that? I mean, I've heard rumors of his tough negotiating tactics, but this takes the cake. Shares plummeting 50% in a matter of weeks? That's wild. 
And now he's just vanished from the face of the earth? It's weird how his team is trying to distance themselves from any involvement with Liu Liange's investigation... sounds like they're trying to avoid getting tangled up in whatever mess that is happening in China 
did u see the stats on china renaissance shares? they've lost like 50% in a week 
! it's crazy to think about how much power one person has behind the scenes 
bao fan was basically the king of chinese tech deals 
and now he's just ghosted everyone 
. this is a major concern for investors worldwide 
. meanwhile, Liu Liange's whole thing is just another level of corruption 
. we need to keep an eye on china renaissance' financials going forward 
. btw, did u know that china tech companies are already 20% down this year compared to last year? 
I mean, sure, we've heard rumors about a crackdown on financial executives in China, but this is just getting too intense for comfort 
. I remember when Meituan and Dianping merged back in 2015, it was all about the future of Chinese e-commerce 
. Now Bao is gone and everyone's freaking out 
! Shares are tanking and investors are worried because of his connections to top tech firms. It's like, if anyone knows what's going on, it's gotta be him 
. Liu Liange and President Xi Jinping are at it again, and now we're wondering if Bao might be on their radar 
. I'm not saying he's guilty or anything (although his disappearance is pretty suspicious 
), but something fishy is going on here...
But it feels like China Renaissance just got caught up in the mess. And what about Bao's team? Are they okay? 
I'm not surprised that investors are losing trust - he was a big player in some major investments. Hope everything gets sorted out soon, but this whole thing is really unsettling 
I'm guessing they're trying to hide something, but what? China's been cracking down on financial execs lately and now this happens... it just smells too convenient. 
my guess is they're trying to avoid scrutiny about bao fan's disappearance 
Oh no! This is super bad news for China Renaissance and its investors... I mean who wants their shares to drop by like 50%?! 
But I hope Bao Fan is okay and that this investigation thing doesn't have anything to do with him? 
.
. I mean, we've seen it before - the strongmen take down anyone who's got too much power or influence, and the rest are left to pick up the pieces 
. It's a shame, really, 'cause Bao was one of those rare characters who actually seemed like he genuinely cared about his clients' interests 
. Now, it looks like all that goodwill just went out the window 
It's not just about the shares plummeting by 50% either, it's like a domino effect... what if there's more to this than meets the eye? Maybe Liu Liange's investigation has nothing to do with Bao Fan, but it feels suspicious nonetheless. I'm keeping an eye on this situation, it's definitely one for the books! 