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 disappearance of its founder, Bao Fan. The 52-year-old entrepreneur started the boutique investment bank in 2005 and was last seen at the middle of February, although the company initially stated that he was "cooperating in an investigation" by certain authorities.
Shares in China Renaissance have plummeted since Bao's disappearance, with one point drop reaching as high as 50%. The company's trading halt is a result of its inability to complete its annual audit due to Bao's absence. Auditors were unable to sign off on their report or provide an estimate for when the audited results would be approved.
Bao Fan is known for his close ties with top technology companies in China, including helping broker the merger between Meituan and Dianping in 2015. His team has also invested in prominent Chinese electric vehicle makers Nio (NIO) and Li Auto, as well as internet giants Baidu (BIDU) and JD.com (JD).
Meanwhile, China's top anti-graft watchdog has launched an investigation into Liu Liange, the former party secretary and chairman of Bank of China. The bank is one of the country's four biggest lenders and is being targeted in a broader financial crackdown by President Xi Jinping.
The disappearance of Bao Fan and his involvement in an alleged investigation have raised concerns about the impact on China Renaissance's operations and its shares. With trading suspended and annual results delayed, investors are left uncertain about the company's future prospects.
Shares in China Renaissance have plummeted since Bao's disappearance, with one point drop reaching as high as 50%. The company's trading halt is a result of its inability to complete its annual audit due to Bao's absence. Auditors were unable to sign off on their report or provide an estimate for when the audited results would be approved.
Bao Fan is known for his close ties with top technology companies in China, including helping broker the merger between Meituan and Dianping in 2015. His team has also invested in prominent Chinese electric vehicle makers Nio (NIO) and Li Auto, as well as internet giants Baidu (BIDU) and JD.com (JD).
Meanwhile, China's top anti-graft watchdog has launched an investigation into Liu Liange, the former party secretary and chairman of Bank of China. The bank is one of the country's four biggest lenders and is being targeted in a broader financial crackdown by President Xi Jinping.
The disappearance of Bao Fan and his involvement in an alleged investigation have raised concerns about the impact on China Renaissance's operations and its shares. With trading suspended and annual results delayed, investors are left uncertain about the company's future prospects.
what's going on with this whole Bao Fan thing? one minute he's all good, next he's MIA... 
and now his company is tanking 
. it's like, what were they doing in that alleged investigation anyway? 
and now the entire financial world is shook because of one guy who can't be found... 
. china's got enough problems without this drama, you feel? 
. I'm not sure what to think or who to trust right now 
it seems like there's a lot of drama going on in the tech space rn 
and with shares plummeting by up to 50% 
what's really going on here? is it just a standard investigation or is there something more sinister at play 
stats say:china renaissance's market cap has dropped by over $10 billion 
meanwhile, china's anti-graft watchdog is cracking down on other big players like bank of china and liu liange 
what was he involved in to get himself into trouble? and now Liu Liange is under investigation too? sounds like a total mess 
omg this is getting serious... think about all the connections he had with major players in china's tech industry... nio, li auto, baidu, jd.com... those investments just dried up now 
chinese authorities are known to be pretty strict when it comes to maintaining control over the flow of capital in the country... what if this is a power play? 
it sounds like a movie plot but this is real life sadly. China's financial system is already super volatile, and now we've got another domino falling 
It's crazy how a single person's disappearance can send shockwaves through the market. I mean, Bao Fan was basically a puppet master with his ties to all these major tech and e-vehicle companies - what happens now? 
It's like we're living in one of those movies where everything unravels at once. I'm not sure if China Renaissance will ever get its footing back or what the future holds for Bao Fan's empire... it's just too much to handle right now 
. And now the bank's former party secretary is being targeted in a financial crackdown? This all feels like too much of a coincidence 
.
i feel bad for him tho, who would disappear like that? 
. this whole thing just feels super uncertain...
So they're putting all this stock in one guy... 52 years old and gone missing 
I mean, what if he's not cooperating with an investigation after all? What if there's more to it than that? 