China Renaissance suspends trading, delays results after founder’s disappearance | CNN Business

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Chinese Tech Firm China Renaissance Suspend Trading Amid Founder's Disappearance

China Renaissance, a prominent boutique investment bank in the country's tech industry, has suspended trading of its shares and delayed the release of its annual results due to an ongoing investigation into its founder, Bao Fan.

Bao, 52, started China Renaissance in 2005 and was known for his close ties with top technology companies in China. The firm had invested in US-listed Chinese electric vehicle makers Nio (NIO) and Li Auto, as well as helping Chinese internet giants like Baidu (BIDU) and JD.com (JD) complete their secondary listings in Hong Kong.

However, since Bao's disappearance mid-February, shares in China Renaissance have plummeted by as much as 50%. The company had initially stated that Bao was "cooperating in an investigation" being carried out by certain authorities, but no further details were provided.

Chinese media reports suggest that Bao may be involved in an investigation related to a former executive at China Renaissance. The firm's board has also been unable to complete its annual audit or sign off on its report due to Bao's absence.

As a result, trading in the company's shares was suspended from Monday. In a filing on Sunday, China Renaissance said that auditors were unable to complete their work and estimated that it would be several weeks before it could 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 Fan is the latest high-profile figure in a broader financial crackdown by President Xi Jinping, who has targeted senior financial executives accused of serious violations of discipline and law. Other figures include former Bank of China party secretary Liu Liange, who was charged with taking bribes, and former China Life Insurance party chief Wang Bin, who was charged with hiding overseas savings.
 
man this is getting crazy 🤯... China Renaissance just got suspended trading shares over their founder's disappearance? that's insane... 50% plummet in value? 📉 it's like they knew something was fishy from the start... Liu Liange and Wang Bin also getting charged, Xi Jinping's crackdown is getting more intense by the day... it's like he's cleaning house at the top of the financial system 🚮 maybe that's a good thing for China or what? 😬
 
🤔 I'm getting a bad vibe from this one... Bao Fan's disappearance is super suspicious and now shares are tanking? Something fishy going on here. Can't help but wonder what kinda investigation he's involved in. The fact that the board can't even finish an audit without him is crazy. 🚫 Suspension of trading makes sense, though - you can't trust the books when there's drama like this. 🤦‍♂️
 
🤔 umm yeah so now china's got a major tech firm just kinda... frozen in time 🕰️ due to some founder dude being MIA 😳 no big deal, i'm sure it's all just a coincidence that shares have plummeted 50% and the company can't do its audit because of "cooperation" with authorities 🙄 i mean, who needs audited results when you've got a president making waves in the financial world? 🔮 sounds like just another day in china 🌸
 
omg u gotta wonder wut's goin on here 🤯 china renaissance got a major scandal goin on & its founder bao fan is just NOW disappearin mid feb? like, didnt he see the writing on the wall or somethin? 😂 this guy was involved in some shady dealings with top tech companies n now his company's shares are tankin 50% 💸 i mean, china's president xi Jinping is clamping down hard on financiers & it looks like bao fan got caught up in the drama 🚫 this whole thing is just so suspicious 😳
 
omg i cant believe bao fan just disappeared like what happened to him?? i feel bad for the employees of china renaissance, they must be stressing out cuz their boss is MIA 🤔💼 also why did it take so long for them to know something was fishy about bao fan? shouldn't there be more info from authorities already? 🙄 anyways, this is kinda crazy and i hope bao fan turns up soon 🤞
 
50% drop in shares is a major red flag 🚨. I'm not surprised they're suspending trading but I need more info on what's going on. Who is investigating Bao Fan? What are the allegations against him? China Renaissance has a history of doing business with big tech companies, what if there's something shady going on? Shouldn't investors be getting some answers before putting their money at risk? 🤑
 
🤯 like what's going on here? China Renaissance is a huge deal in the tech world and now they're just frozen. Shares are tanking because their founder went MIA. It's not even that he disappeared suddenly, but more like he vanished mid-Feb and then nobody knows what's up with him 🤔. I mean, I get it if there's an investigation going on, but the lack of info is kinda sketchy. The fact that they can't even finish their annual audit because Bao's not around is just nuts 📊. And now they're pushing back their report deadline to like 3 months later? Who knows what's really going on here 😒
 
🤔 so china renaissance is in trouble again, like every other chinese company when something shady goes down... bao fan's disappearance is super suspicious, 50% drop in shares? that's not even a minor scandal, what's the real story here? 🤑 they're trying to sweep it under the rug but investors are onto them. and now we have president xi's financial crackdown... sounds like a classic case of "silence is golden" unless you're a senior executive with deep pockets... 😏
 
🤔 something's not right here... Bao Fan just disappears like that? 50% drop in shares is crazy 📉💸 usually these cases take time to unravel but this one feels hasty. What's the real story behind his disappearance? The timing of it all, especially with Xi Jinping's crackdown on financial executives, raises some eyebrows 🤝
 
omg did u hear about china renaissance?? 🤯 they're suspended trading cuz one of the founders went missin mid feb 🚨 like what even is goin on? 50% drop in shares already 😱 i need more info on whats happenin with bao fan tho... is he a suspect or somethin? 🤔 & why are these execs bein targeted by xi Jinping again?? 🤑 it seems like theres some major financial drama goin down over there...
 
🤔 I'm kinda surprised that this is happening now, considering how well-regulated the stock market in Hong Kong is supposed to be 📈. Suspend trading of shares due to a founder's disappearance is never good news 🚨. It shows you how fast things can spiral out of control when there are no checks and balances in place 👮‍♂️.

China Renaissance was already doing some pretty big deals with major tech companies, so it's interesting that this investigation might be related to one of their executives 😕. Hopefully, they can get to the bottom of whatever is going on and come out clean 🙏. But until then, I think we'll just have to wait and see what happens 💭.
 
🤔 I just can't help but think about what happens when you put power in the hands of a single person, even if it's for the greater good. Bao Fan's disappearance has sent shockwaves through China Renaissance and its investors are feeling the pain 📉. It's like, what next? Will everyone start disappearing one by one just because they've got too much to lose?

This whole situation reminds me of how our little online communities can get so invested in a single story or person... it's wild! 💥 But seriously, I hope Bao Fan gets the help he needs and that this incident doesn't lead to any bad consequences for those around him.

I think it's time for us to take a step back and consider how our actions online might reflect on those we care about, you know? We all make mistakes, but when they affect others in big ways... 🤦‍♀️ it's like, do we really need more chaos in our lives?

Anyway, that's just my two cents. Take it for what it's worth 😊
 
I'm shocked by this latest development 🤯, it's like the old saying "all politics is local" in action... I mean, all business is personal, right? But seriously, this suspension of trading and delay in releasing China Renaissance's annual results raises some serious red flags 🚨. It seems like Bao Fan's disappearance has created a cloud of uncertainty over the entire company, and that's not good for investors or anyone trying to get a handle on what's going on.

And let's be real, this whole thing smells like a coordinated effort by the authorities to silence certain individuals... I mean, who is behind these investigations? What's really going on here? It's almost like they're trying to send a message 📣. And what about due process? Can we at least get some transparency into what's happening? This lack of communication from China Renaissance and the government is giving me déjà vu... remember when politicians would always say "we're looking into it"? Where are they now?

It's also worth noting that this comes on the heels of President Xi Jinping's financial crackdown, which has been targeting senior executives who have allegedly broken discipline or law. It's starting to look like a coordinated effort to... clean house? But what about accountability? Who gets to decide what constitutes "serious violations"?
 
omg i'm literally freaking out over this china renaissance thing 🤯 like what's going on with bao fan?? he just disappears and shares tank 50%?! that's some crazy stuff... it's not even about the financials anymore, it's about him being a key player in these investigations and now his own company is paying the price 🤑 i mean, what's next? will they investigate him for being too invested in nio and li auto?? 😂 seriously though, this whole thing smells like a deep dive into corruption and cronyism... how much do u think china renaissance will recover from this 🤔
 
I don't usually comment but I'm kinda worried about Bao Fan's situation 🤔. 50% drop in shares is crazy talk! Like, what's going on with the company? You'd think they'd know if their founder was gonna disappear mid-feb 😂. And this investigation thingy just makes it even more sketchy. What if he did do something shady? Can't say for sure but... *shrugs* I guess we'll have to wait and see how this all plays out 🤞. China's got a lot of high-profile financial folks getting scrutinized these days, so yeah, it's not exactly the most comforting news 🤑
 
😕 the china renaissance thing is really sketchy 🤔. i drew a simple diagram to try and get my thoughts straighter:
```
china rennaissance
+---------------+
| bao fan |
| (founder) |
+---------------+
/\
/ \
/ \
+-------+
| | | +---+
| nio | li auto| |
| (invested) | (invested) |
+-------+ +-------+ |
| |
| |
v v
china renaissance's shares Plummeting
```
anyway, the thing is that we don't know much about what's going on and how it will affect others 🤝. as a netizen, i think its kinda important to keep an eye on this situation 👀
 
I'm quite intrigued by the sudden suspension of trading at China Renaissance 🤔. It's not surprising that shares have plummeted given the uncertainty surrounding Bao Fan's disappearance - his close ties to major tech companies are definitely a point of interest 😏. The fact that auditors can't complete their work due to his absence is just another layer of complexity in this situation. It raises questions about the company's governance and internal processes 📊.

The broader context of President Xi Jinping's crackdown on senior financial executives is also worth considering 👀. While it's understandable to want to root out any wrongdoing, these actions can have far-reaching consequences for the industry as a whole 🚨. China Renaissance's involvement with major tech companies like Nio and Li Auto makes this situation particularly interesting from an economic perspective 💸.

It'll be interesting to see how this investigation unfolds and what ultimately happens to Bao Fan - is he in trouble or has there been some sort of misunderstanding? The world will have to wait and see, but for now, the uncertainty surrounding China Renaissance's future is palpable 😬
 
omg did you know that I just tried the new matcha latte from starbucks 🍵👀 it's literally so good! i mean i'm not even a huge coffee fan but this stuff is on another level 😂 anyway back to china... i wonder if they'll ever find out what happened to bao fan 🤔 has anyone heard anything about him? anyway, that matcha latte just hit the spot and now i'm kinda in a tea-y mood ☕️
 
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