China Renaissance Delays Results Amid Mysterious Founder's Disappearance.
The Chinese boutique investment bank, China Renaissance, has suspended trading of its shares and delayed the release of its annual results due to the unavailability of its founder, Bao Fan. The 52-year-old dealmaker went missing in mid-February, causing a significant plunge in the company's stock price, which dropped by as much as 50% since then.
The bank initially stated that Bao was "cooperating with an investigation" being carried out by certain authorities in the country, but no further details were provided. Speculation has emerged that Bao might be assisting in an investigation related to a former executive at China Renaissance.
In a filing on Sunday, the company stated that auditors could not 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 approve its audited results for 2022 or dispatch its annual report by an April 30 deadline as required by Hong Kong's listing rules.
Bao is a veteran dealmaker known for working closely with top technology companies in China, including Meituan and Dianping. He has also invested in US-listed Chinese electric vehicle makers Nio and Li Auto, as well as helped Chinese internet giants Baidu and JD.com complete their secondary listings in Hong Kong.
The mystery surrounding Bao's disappearance comes amidst a broader crackdown on financial executives in China. In January, Wang Bin, former party chief and chairman of China Life Insurance, was charged by national-level prosecutors with taking bribes and hiding overseas savings.
The Chinese boutique investment bank, China Renaissance, has suspended trading of its shares and delayed the release of its annual results due to the unavailability of its founder, Bao Fan. The 52-year-old dealmaker went missing in mid-February, causing a significant plunge in the company's stock price, which dropped by as much as 50% since then.
The bank initially stated that Bao was "cooperating with an investigation" being carried out by certain authorities in the country, but no further details were provided. Speculation has emerged that Bao might be assisting in an investigation related to a former executive at China Renaissance.
In a filing on Sunday, the company stated that auditors could not 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 approve its audited results for 2022 or dispatch its annual report by an April 30 deadline as required by Hong Kong's listing rules.
Bao is a veteran dealmaker known for working closely with top technology companies in China, including Meituan and Dianping. He has also invested in US-listed Chinese electric vehicle makers Nio and Li Auto, as well as helped Chinese internet giants Baidu and JD.com complete their secondary listings in Hong Kong.
The mystery surrounding Bao's disappearance comes amidst a broader crackdown on financial executives in China. In January, Wang Bin, former party chief and chairman of China Life Insurance, was charged by national-level prosecutors with taking bribes and hiding overseas savings.
he's like the king of chinese investments but now his disappearance is causing a 50% drop in their stock price 
and no one knows what's going on, not even his colleagues 
the investigation might be related to another ex-exec but we're still waiting for some answers 
this whole thing feels like a china drama 
like what's going on with this guy? Bao Fan just disappears outta nowhere and his company's stock price plummets like 50%!!! I remember when news about China Renaissance first came out, it was all hypes about how they're gonna be the next big thing in Chinese finance... 
but now it seems like everything is falling apart. Reminds me of that old movie "The Corporation" from 2003, you know, where they talked about the corrupt CEOs and stuff. It's crazy how fast things can go from being all shiny to being all dark 
. What's going on with these Chinese authorities, investigating everyone left and right? Can't a guy just have a quiet life for once? 
this is getting out of hand... china renaissance can't even get their own founder back to finish the audited results? 50% drop in stock price? what's next? 
.
I'm not saying foul play, but someone needs to dig deeper into what really happened to Bao Fan and why China Renaissance is acting so secretive about it 
, i mean china renaissance just had like half their stock value drop because some dude went missing... bao fan is supposed to be all about making deals but now he's MIA and it's got everyone speculating 
. I mean, 50% drop in stock price? That's a huge red flag 
. And now they can't even get their auditors to sign off on the report because of his absence? What is going on over there?! 
no more details on what's happening tho 
or is it something more sinister? 