China's top dealmaker, Bao Fan, has vanished from view, leaving behind a trail of uncertainty and plunging the shares of his company, China Renaissance. The boutique investment bank, which is a go-to partner for China's top technology companies, said on Sunday that it would suspend trading of its shares and delay the release of its annual results because Bao could no longer be contacted.
Bao started China Renaissance in 2005 and has been instrumental in brokering major deals, including the merger between Meituan and Dianping, two of China's leading food delivery services. His team has also invested in US-listed Chinese electric vehicle makers Nio and Li Auto, as well as Chinese internet giants Baidu and JD.com.
However, Bao went missing at the beginning of February, and since then, his whereabouts remain unknown. The company initially reported that Bao was "cooperating in an investigation" by certain authorities in China, but no further details have been released.
The sudden disappearance of Bao has sent shockwaves through the Chinese tech industry, with shares in China Renaissance plummeting as much as 50%. The company's board is also unable to give an estimate for when it will be able to approve its audited results or dispatch its annual report by a required deadline.
As the situation remains unclear, China Renaissance has suspended trading of its shares, leaving investors waiting anxiously for news about the future of the company. Bao's disappearance raises questions about his involvement in a potential investigation related to a former executive at China Renaissance, although details remain scarce.
The incident is also part of a broader trend of investigations and crackdowns on corruption in China's financial sector. In recent months, several high-ranking officials have been charged with taking bribes or hiding assets overseas, including Wang Bin, the former chairman of China Life Insurance.
Bao started China Renaissance in 2005 and has been instrumental in brokering major deals, including the merger between Meituan and Dianping, two of China's leading food delivery services. His team has also invested in US-listed Chinese electric vehicle makers Nio and Li Auto, as well as Chinese internet giants Baidu and JD.com.
However, Bao went missing at the beginning of February, and since then, his whereabouts remain unknown. The company initially reported that Bao was "cooperating in an investigation" by certain authorities in China, but no further details have been released.
The sudden disappearance of Bao has sent shockwaves through the Chinese tech industry, with shares in China Renaissance plummeting as much as 50%. The company's board is also unable to give an estimate for when it will be able to approve its audited results or dispatch its annual report by a required deadline.
As the situation remains unclear, China Renaissance has suspended trading of its shares, leaving investors waiting anxiously for news about the future of the company. Bao's disappearance raises questions about his involvement in a potential investigation related to a former executive at China Renaissance, although details remain scarce.
The incident is also part of a broader trend of investigations and crackdowns on corruption in China's financial sector. In recent months, several high-ranking officials have been charged with taking bribes or hiding assets overseas, including Wang Bin, the former chairman of China Life Insurance.
I'm shocked he didn't just leave a memo saying "I'm outta here!" and take all the profits with him 
. The fact that shares are plummeting is probably the best thing for China Renaissance, it's due time for some shakeup around there. Investors should be grateful they're not getting ripped off by Bao's dodgy deals anymore 
. And honestly, who needs audited results when you've got a mysterious disappearance? It's like a bad spy novel 
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His sudden disappearance has everyone on edge, especially given his role in some big-ticket deals. It's like, what happened to him? Was he coerced or did something go down that we don't know about? The fact that China Renaissance is suspending trading and delaying their annual results is just adding to the uncertainty. I'm not surprised the shares are plummeting - it's like a dam has burst in terms of investor confidence. It raises questions about the state of the financial sector in China, especially with all these investigations going on. Is this a case of someone getting caught up in the crackdowns? We need more clarity, stat 
and the shares are tanking like crazy 
i'm not sure if it's related to some investigation or whatever but it's getting pretty suspicious 
and it's not just china renissance, there's a bigger trend going on in china's financial sector where people are getting pinched for corruption 
he was like this huge dealmaker in china and now POOF HE'S GONE 
i feel bad for the investors who are waiting to hear news about the company's future...i guess we'll just have to wait and see what happens next...this whole thing is super mysterious 
... I mean, Bao Fan just disappears without a word and everyone's freaking out 
? Like, what even happens when someone in charge vanishes like that? The shares tank 50%?! 
That's not exactly a surprise given the whole investigation thing... can't say I'm surprised that the company is freaking out 
. Anyways, hope Bao shows up soon or whatever... and for goodness' sake, China Renaissance just delay their results forever 
, and now the whole company is reeling 
. 50% drop in shares? That's wild 
. Now it seems like there's a bigger fish to fry here 
. I'm all for accountability and transparency, but this is just really, really intense 
. One thing's for sure: the Chinese tech industry will be watching this situation unfold with bated breath 
.
and nobody knows what's going on with him.
. And now the whole tech industry is scrambling because of his disappearance. China Renaissance is basically at a standstill right now 
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. I'm not saying Bao was involved or anything but it raises questions about what might have led to his disappearance 
. If things get really bad, investors might start losing faith in the entire sector which could have major consequences