China Renaissance, a leading investment bank 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.
Bao, 52, started the boutique investment bank in 2005 and had been unreachable since mid-February. The company initially said that Bao was "cooperating with an investigation" by certain authorities but did not provide further details. Chinese media have speculated that Bao may be assisting in an investigation related to a former executive at China Renaissance.
The disappearance of Bao has led to a significant drop in the company's shares, which plummeted as much as 50% since his last seen. Trading on Monday was suspended due to the uncertainty surrounding Bao's whereabouts and the inability of auditors to complete their work or sign off on the annual report.
Bao is known for his close ties with top technology companies in China, including his role in brokering the merger between Meituan and Dianping in 2015. His team has also invested in several US-listed Chinese electric vehicle makers and helped major internet giants complete their secondary listings in Hong Kong.
The suspension of trading and delay in releasing results have raised concerns about the stability of China Renaissance's operations. The company's annual report is due by April 30, a requirement set by Hong Kong's listing rules.
The disappearance of Bao comes as China's top anti-graft watchdog launches an investigation into former Bank of China executive Liu Liange, who is suspected of serious violations of discipline and law. This investigation is part of President Xi Jinping's broader financial crackdown on corrupt officials in the financial sector.
The situation surrounding China Renaissance highlights the risks faced by investors in China's high-profile cases involving government investigations and the country's strict anti-graft laws.
Bao, 52, started the boutique investment bank in 2005 and had been unreachable since mid-February. The company initially said that Bao was "cooperating with an investigation" by certain authorities but did not provide further details. Chinese media have speculated that Bao may be assisting in an investigation related to a former executive at China Renaissance.
The disappearance of Bao has led to a significant drop in the company's shares, which plummeted as much as 50% since his last seen. Trading on Monday was suspended due to the uncertainty surrounding Bao's whereabouts and the inability of auditors to complete their work or sign off on the annual report.
Bao is known for his close ties with top technology companies in China, including his role in brokering the merger between Meituan and Dianping in 2015. His team has also invested in several US-listed Chinese electric vehicle makers and helped major internet giants complete their secondary listings in Hong Kong.
The suspension of trading and delay in releasing results have raised concerns about the stability of China Renaissance's operations. The company's annual report is due by April 30, a requirement set by Hong Kong's listing rules.
The disappearance of Bao comes as China's top anti-graft watchdog launches an investigation into former Bank of China executive Liu Liange, who is suspected of serious violations of discipline and law. This investigation is part of President Xi Jinping's broader financial crackdown on corrupt officials in the financial sector.
The situation surrounding China Renaissance highlights the risks faced by investors in China's high-profile cases involving government investigations and the country's strict anti-graft laws.
this is super worrying 
china renaissance is like a big fish tank 
and now its founder is MIA 
what if he got into some shady dealings 
? 
or maybe something bigger happened 
? 
anyway, investors are losing faith 
and china's anti-graft laws are super strict 
. it's all about stability now 
but can it be restored 
? 
this is getting good! so china renaissance is all about baofan being missing and shares taking a major hit... meanwhile, we got president xi Jinping cracking down on corrupt officials and now china renaissance gets caught in the middle 
either way, looks like china renaissance is getting a serious dose of reality - not sure how their investors are gonna bounce back from this 
they're like totally suspending trading on their shares just because their founder bao fan went MIA 
and no one knows where he is or if he's even still alive... it's crazy how this is messing up all the other investors and stuff 
idk what's going on but i'm definitely keeping an eye on this one 
I'm totally freaking out over this 
. It's no secret that corruption runs deep in some parts of the country 
.
and that his team can get things sorted out 
. it's like, totally crazy! 
baaan (that's bao fan) was a big deal in the tech world, bro 
he had ties with all these major companies... now what? 
was baaan just "cooperating with an investigation" 
. china's financial system is always so unpredictable, one minute it's all sunshine and rainbows, next minute it's a total mess