China Renaissance, a top player in China's tech industry, has suspended trading of its shares and delayed the release of its annual results due to the disappearance of its founder, Bao Fan. The 52-year-old entrepreneur, known for his close ties with major technology companies in China, went missing in early February, sparking a significant decline in the company's stock price.
In late February, the company had announced that Bao was "cooperating in an investigation" by certain authorities in the country, but no further details were provided. Since then, rumors have emerged that Bao may be assisting in an investigation related to a former executive at China Renaissance.
As a result of Bao's absence, auditors were unable to complete their work on the company's annual results for 2022, and the board was unable to give an estimate for when it would approve its audited results or dispatch its annual report. Trading in the company's shares was suspended as a result, with prices dropping by as much as 50% since Bao's disappearance.
Bao Fan is a veteran dealmaker who has played a key role in several high-profile mergers and acquisitions in China, including the merger between Meituan and Dianping in 2015. His team 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 disappearance of Bao Fan comes amidst a broader crackdown on corruption and financial wrongdoing in China. The country's top anti-graft watchdog recently launched an investigation into Liu Liange, the former party secretary and chairman of Bank of China, who is suspected of "serious violations of discipline and law".
In late February, the company had announced that Bao was "cooperating in an investigation" by certain authorities in the country, but no further details were provided. Since then, rumors have emerged that Bao may be assisting in an investigation related to a former executive at China Renaissance.
As a result of Bao's absence, auditors were unable to complete their work on the company's annual results for 2022, and the board was unable to give an estimate for when it would approve its audited results or dispatch its annual report. Trading in the company's shares was suspended as a result, with prices dropping by as much as 50% since Bao's disappearance.
Bao Fan is a veteran dealmaker who has played a key role in several high-profile mergers and acquisitions in China, including the merger between Meituan and Dianping in 2015. His team 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 disappearance of Bao Fan comes amidst a broader crackdown on corruption and financial wrongdoing in China. The country's top anti-graft watchdog recently launched an investigation into Liu Liange, the former party secretary and chairman of Bank of China, who is suspected of "serious violations of discipline and law".
they jus suspened trading on their shs & delayed thier annaul resuls cuz their founder bao fan went missin 
. i no he was a big deal in china's tech industy & had tisns w/ major tech compnyz 
. rite now their stock pric iz droppin like a rock 
. its all cuz auditors cudnt do thier job cuz bao fan wont cooperate w/ them 
. this is so sus 
. 50% drop in stokz? thatz crazy! 
50% drop in like two seconds? That's crazy talk! And now the rumor mill is running wild with some executive stuff... 
Can't say for sure what's going on but it's clear that Bao Fan's disappearance has sent ripples through China's high-stakes business world. You have to wonder if this whole thing is related to the anti-graft crackdown, maybe someone was trying to cover their tracks? 
Whatever happens, it'll be interesting to see how China Renaissance recovers from this mess...
no one knows what's happening or if he's even alive 
auditors can't finish the annual report because of him? 
that's just crazy! 
China's got some major corruption going on and now bao fan's gone missing too 
it's like a movie plot twist 
. China's tech industry is so connected, you never know what's gonna happen next 
. The rumors about the investigation related to a former executive at China Renaissance are getting me curious... hopefully it's not a big deal and they can get back to business ASAP 
.
u can imagine how much drama this is gonna cause in the business world rn! 
its like china renaissance is a mess rn 