Chinese Dealmaker's Disappearance Rocks Investment Bank China Renaissance
China Renaissance, a prominent player in the Chinese tech industry, has suspended trading of its shares and delayed the release of its annual results due to its founder's unexplained disappearance. Bao Fan, 52, founded the boutique investment bank in 2005 and had been unreachable since mid-February, according to the company.
Shares in China Renaissance plummeted as soon as Bao went missing, falling by as much as 50%. The lack of communication from Bao has caused significant uncertainty among investors and stakeholders. In late February, the company stated that it was "cooperating in an investigation" carried out by certain authorities in the country but provided no further details.
Chinese media outlets have speculated that Bao may be assisting in an investigation related to a former executive at China Renaissance. The board of directors has also struggled to complete its work and sign off on the company's annual report, which is now expected to be delayed beyond the original deadline of April 30.
Bao Fan is known for his expertise in deal-making, having brokered the merger between Meituan and Dianping in 2015. Today, the combined company's "super app" platform dominates China's food delivery market. His team has also invested in several prominent Chinese companies, including electric vehicle makers Nio (NIO) and Li Auto.
As China continues its financial crackdown under President Xi Jinping, top executives are facing scrutiny. Liu Liange, former party secretary and chairman of Bank of China, is currently under investigation for "serious violations of discipline and law." Wang Bin, former party chief and chairman of China Life Insurance, was charged in January with taking bribes and hiding overseas savings.
The disappearance of Bao Fan has sent shockwaves through the Chinese financial community, highlighting the increasingly complex and sensitive nature of deal-making in the country.
China Renaissance, a prominent player in the Chinese tech industry, has suspended trading of its shares and delayed the release of its annual results due to its founder's unexplained disappearance. Bao Fan, 52, founded the boutique investment bank in 2005 and had been unreachable since mid-February, according to the company.
Shares in China Renaissance plummeted as soon as Bao went missing, falling by as much as 50%. The lack of communication from Bao has caused significant uncertainty among investors and stakeholders. In late February, the company stated that it was "cooperating in an investigation" carried out by certain authorities in the country but provided no further details.
Chinese media outlets have speculated that Bao may be assisting in an investigation related to a former executive at China Renaissance. The board of directors has also struggled to complete its work and sign off on the company's annual report, which is now expected to be delayed beyond the original deadline of April 30.
Bao Fan is known for his expertise in deal-making, having brokered the merger between Meituan and Dianping in 2015. Today, the combined company's "super app" platform dominates China's food delivery market. His team has also invested in several prominent Chinese companies, including electric vehicle makers Nio (NIO) and Li Auto.
As China continues its financial crackdown under President Xi Jinping, top executives are facing scrutiny. Liu Liange, former party secretary and chairman of Bank of China, is currently under investigation for "serious violations of discipline and law." Wang Bin, former party chief and chairman of China Life Insurance, was charged in January with taking bribes and hiding overseas savings.
The disappearance of Bao Fan has sent shockwaves through the Chinese financial community, highlighting the increasingly complex and sensitive nature of deal-making in the country.
shares are tanking and nobody knows what's going on 
i mean i know chinese authorities can be kinda sketchy but this is just wild bao was such a big deal in the business world too remember when he made that merger between meituan and dianping back in 2015? it was like a huge deal 
now its like his name is synonymous with chaos 
anyway gotta keep an eye on this one, i feel bad for bao's fam lol
what's going on?! They're like "cooperating with authorities" but no details? 
it's super suspicious. I mean, we know China has its financial crackdown under Xi Jinping, but this is just too much 
. One minute he's helping these companies merge for billions, the next...poof! Gone 
. What if it's more than just an investigation? What if there's something fishy going on? 
I don't know what to think anymore...
I'm thinking, what's going on here? One minute Bao is making deals left and right, next he's gone MIA. 
It's not like we're talking about a small-time player here, China Renaissance is a big deal. 
What's Xi Jinping's angle on all this? Is he cracking down on everyone involved or just targeting specific people? 
We need some clarity here, stat! 
. And what's up with the company delaying their report? That just adds fuel to the fire 
. The Chinese financial community needs some answers ASAP 
!
The uncertainty is killing investors and stakeholders, it's like he just pulled the rug out from under their feet 
.
The authorities saying they're "cooperating" but not spilling the beans is super weird 
. And 50% drop in shares in like one day? That's insane! 
?
. Anyway, I guess only time will tell what's going on with Bao Fan and China Renaissance. Fingers crossed for transparency 
i mean we all know xi Jinping's been cracking down on finance but even so, a dealmaker just vanishin' is wild 
and it's not helping investors who are already stressed with the financial crackdown 
hope bao fan is okay 
. I'm surprised no one has any info about what's going on 
.
. And what about Bao Fan's team? They're basically stuck in limbo while we wait for more info... it's frustrating 
. He played a huge role in Meituan and Dianping's merger, which changed the game for food delivery in China. Now, it's like his name is being dragged through the mud, and nobody knows what's going on 
. This whole situation just feels so... unpredictable