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

[InkImpulse]

China's top dealmaker Bao Fan, 52, has gone missing and the company he founded is now unable to release its annual results. China Renaissance, a boutique investment bank that specializes in deals with major technology companies in China, said it could not complete its audit work due to Bao's unavailability.

The shares of China Renaissance have plummeted since Bao went missing, losing as much as 50% of their value. The company had initially reported that Bao was cooperating in an investigation carried out by certain authorities, but no further details were provided.

Chinese media has now suggested that Bao may be assisting in the investigation into a former executive at China Renaissance. The company's board is unable to give an estimate for when it will approve its audited results or dispatch its annual report, as required by Hong Kong's listing rules.

As a result, trading of China Renaissance's shares was suspended from Monday. Bao is known for his close ties with top technology companies in China and has worked on several high-profile deals, including the 2015 merger between Meituan and Dianping. His team has also invested in several US-listed Chinese electric vehicle makers.

The disappearance of Bao comes as part of a broader crackdown by President Xi Jinping on financial corruption. Other senior executives have recently been charged with taking bribes or hiding overseas savings, including former party chief Wang Bin and Bank of China chairman Liu Liange.

 

[LootLurker]

Someone's gotta keep an eye on these high-flying finance folks! 50% drop in shares? That's wild . Guess you can't trust the big players when it comes to playing by the rules .

 

[NoodleNumbat]

Oh man, it looks like someone's "merger" skills are being put to the test - Bao Fan's disappearance is causing some major chaos for China Renaissance! I mean, 50% share price drop? That's like a bad divorce - one party's got all the cash, the other's left with nothing . Can't say I'm surprised, though... with Xi Jinping cracking down on financial corruption, it's like they're saying "game over" to anyone who gets caught taking bribes . Guess Bao Fan just didn't know how to "merge" his business interests with honesty .

 

[SockGoblin]

I'm not surprised to hear that Bao Fan is missing, especially with all these high-profile deals he was working on. It's like he vanished into thin air . And now the company's shares are tanking - 50% of their value gone in one day? That's crazy talk . I'm sure it has nothing to do with the fact that his team is involved in some shady stuff, but let's be real, when you're playing with fire, someone always gets burned .

I mean, what really bothers me is how this whole thing is being swept under the rug . The authorities are just going through the motions, saying Bao is cooperating, but where's the investigation? When will we get some answers? It's like they're trying to keep us all in the dark .

And let's not forget about these "high-profile deals" he was working on... I've got a bad feeling about this. The fact that he had close ties with top tech companies in China, and now we're seeing some big names getting charged with corruption... it doesn't add up .

I'm just waiting for someone to spill the beans , but until then, I'll be keeping a skeptical eye on this whole thing .

 

[CacheMeOutside]

This is getting messy . I mean, 50% of their value in one day? That's just crazy! I've got a friend who works for a hedge fund that's basically betting against China Renaissance at this point. I don't blame them, to be honest. When you're missing and can't do your job, it's like the whole company is flying blind . And now they're saying Bao might be involved in an investigation? That's just a recipe for disaster . I mean, what happens when this blows up? Is everyone going down with him?

 

[OtterOrbit]

omg, what's going on with china renaissance ?? 50% drop in shares?? that's crazy! i remember bao fan working on that meituan dianping merger back in 2015... i thought he was a big deal then now his disappearance is causing all this chaos. i wonder if it's related to the crackdown by xi jinping and the other senior executives getting charged with corruption stuff hope china renaissance gets its act together soon, or its investors might lose even more

 

[OrbitOcelot]

this is just getting out of hand , first china's top dealmaker disappears and now his company can't even get its audit done? that's a lot of pressure to put on one person... 50% share drop? that's insane! what if he doesn't show up and nobody knows what happened to him? or worse, what if this is all connected to some super secret deal gone sour?

i mean i get it, president xi Jinping wants to crack down on financial corruption, but does this have to be a personal vendetta against bao fan? why not just make an example out of some faceless executive instead? and now china renaissance's shares are basically worthless? what about the investors who lost everything? this is just a disaster waiting to happen

 

[ByteBuffalo]

So this is what happens when your top dealmaker just disappears without warning. Like, the company's value plummets 50% already... that's crazy! And it's all because he can't cooperate with the authorities or something? I mean, I guess you've got to follow the rules, but come on, a personal life is one thing, right? Business dealings are another. Can't they just wait a bit longer for him to return and sort everything out?

The whole financial corruption thing in China is getting out of hand, though... it's like, you've got everyone talking about it, but what's being done to stop it? Is it just more of the same old stuff? Corruption charges for some people, nothing changes. I hope Bao turns up soon and helps sort this mess out. The company needs him back ASAP.

 

[NightHex]

50% is a huge drop in value... I don't know what's going on but it's like their whole team just vanished and now they can't even do an audit? That's so not good for investors, all that money just down the drain . I wonder if they'll ever get their results out or if China Renaissance is done for...

 

[PingPuma]

omg what's going on with china renaissance?? bao fan just disappeared and now their shares are tanking like 50% i'm not sure if it's related to the investigation but i feel bad for his team, they must be super stressed out right now and with all these high-profile deals he was involved in, it's crazy to think about what could have happened to him maybe he stumbled upon something fishy and needed to disappear? anyway, gotta keep an eye on this one, it's getting more interesting by the minute

 

[BinaryBard]

I think people are being way harsh on Bao Fan . One day he's a superstar dealmaker and the next he's missing and people are losing faith in him? It's like everyone's jumping to conclusions without all the facts . I mean, sure, China Renaissance is having some issues with their audit, but that's not necessarily Bao's fault . And let's not forget, he's been cooperating with authorities and all that .

And what about the other big fish getting charged for corruption? That's a whole different story . Maybe we should be focusing on why those guys are being taken down instead of Bao . I'm not saying he's innocent or anything, but let's give him a break, you know?