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 started the boutique investment bank in 2005, has been unreachable since mid-February.
The company had initially stated that Bao was cooperating with an investigation by authorities in the country but provided no further details. Chinese media have reported that he may be assisting in an investigation related to a former executive at China Renaissance.
In a recent filing, the company said auditors could not complete their work or sign off on their report due to Bao's absence. The board is also unable to provide an estimate for when it will approve its audited results for 2022 or dispatch its annual report by April 30.
As a result, trading in the company's shares was suspended from Monday. Bao is known as a veteran dealmaker who has worked closely with top technology companies in China and helped broker several high-profile deals. His team has invested in several US-listed Chinese electric vehicle makers and helped internet giants complete their secondary listings in Hong Kong.
The disappearance of Bao and the subsequent delay in China Renaissance's results have led to significant falls in the company's shares, which dropped as much as 50% since his vanishing.
A broader financial crackdown by President Xi Jinping has seen several high-ranking officials charged with taking bribes or hiding assets. The latest case involves Liu Liange, former party secretary and chairman of Bank of China, who is suspected of "serious violations of discipline and law".
The company had initially stated that Bao was cooperating with an investigation by authorities in the country but provided no further details. Chinese media have reported that he may be assisting in an investigation related to a former executive at China Renaissance.
In a recent filing, the company said auditors could not complete their work or sign off on their report due to Bao's absence. The board is also unable to provide an estimate for when it will approve its audited results for 2022 or dispatch its annual report by April 30.
As a result, trading in the company's shares was suspended from Monday. Bao is known as a veteran dealmaker who has worked closely with top technology companies in China and helped broker several high-profile deals. His team has invested in several US-listed Chinese electric vehicle makers and helped internet giants complete their secondary listings in Hong Kong.
The disappearance of Bao and the subsequent delay in China Renaissance's results have led to significant falls in the company's shares, which dropped as much as 50% since his vanishing.
A broader financial crackdown by President Xi Jinping has seen several high-ranking officials charged with taking bribes or hiding assets. The latest case involves Liu Liange, former party secretary and chairman of Bank of China, who is suspected of "serious violations of discipline and law".
I'm not surprised to see China Renaissance getting caught up in this mess. Bao Fan was a big deal, always been one to play both sides, you know? He had his finger in every pie. And now he's just...poof! It's like he vanished into thin air.
The whole thing just reeks of politics, if you ask me. Xi Jinping is tightening the noose on all these high-ranking officials, and now Bao's gone missing too.
He was just a player in the game, but he ended up being the one who brought everyone down.
I mean, we know Xi Jinping's all about tightening the noose on corruption, but shouldn't they be doing more to ensure business-as-usual for companies like China Renaissance? 
The shares are tanking, and investors are left holding the bag... Meanwhile, Liu Liange gets charged with "serious violations of discipline and law"? It smells like a smokescreen to me. 
Are we just supposed to assume Bao's disappearance is some sort of heroic sacrifice for the greater good? Come on, someone spill the beans! 
. the fact that trading has been suspended and results are delayed too is super bad for the company and its investors. but like, maybe there's more to this story than meets the eye? chinese media saying he might be involved in an investigation related to a former executive... idk what's gonna happen next 
. one thing's for sure tho, china's got some serious financial drama going on right now 
because of it? the authorities' "investigation" sounds suspiciously like a cover story to me 
. i mean, china renaissance isn't even a small fish in this game, they're one of the big players 
. what's really going on here? is it just another case of party officials covering their tracks or something more serious brewing? we'll probably never know for sure... but either way, this whole thing feels super dodgy 
50% decline in shares since Bao's disappearance? 
They're looking pretty shaky right now 
. Who knows what will happen next? 
but on a bigger scale it just goes to show how fragile the financial system is especially when you've got high-ranking officials getting charged with corruption 
.
) but seriously, what kind of system allows someone to just disappear like this? It's like the whole thing is shrouded in secrecy 
. And poor China Renaissance – their shares are basically decimated 
.
. Anyway, I guess we'll have to wait and see how this all plays out 
i hope hes safe or whatever 
. But seriously, this whole situation is just really concerning. What's next? Will they start investigating everyone with connections to China Renaissance? 
, but we won't know for sure until there are more details released.
.