China's Top Dealmaker Vanishes, Company Delays Results Due to Absence.
The Hong Kong-based boutique investment bank China Renaissance has suspended trading of its shares and delayed the release of its annual results after its founder Bao Fan failed to make contact with auditors. The 52-year-old Bao was last seen in February but authorities have not confirmed his whereabouts, fueling speculation about his involvement in an investigation.
As a result, China Renaissance's board is unable to give an estimate for when it will approve its audited results or dispatch its annual report by April 30 as required by Hong Kong's listing rules. The shares of the company plummeted after Bao went missing, with one point drop exceeding 50%.
Bao Fan, a veteran dealmaker known for his close ties with top technology companies in China, helped broker significant deals, including the merger between Meituan and Dianping in 2015. His team has also invested in prominent US-listed Chinese electric vehicle makers Nio (NIO) and Li Auto.
The company's delay is part of a broader crackdown on financial malfeasance by President Xi Jinping. Recently, former party secretary Liu Liange was charged with "serious violations of discipline and law" over alleged corruption, while former chairman Wang Bin of China Life Insurance faced charges with taking bribes and hiding overseas savings.
China Renaissance's suspension comes as authorities investigate Bao Fan's potential involvement in the Liu Liange probe. The exact circumstances surrounding Bao's disappearance remain unclear, adding to concerns about his well-being and the impact on his company.
The Hong Kong-based boutique investment bank China Renaissance has suspended trading of its shares and delayed the release of its annual results after its founder Bao Fan failed to make contact with auditors. The 52-year-old Bao was last seen in February but authorities have not confirmed his whereabouts, fueling speculation about his involvement in an investigation.
As a result, China Renaissance's board is unable to give an estimate for when it will approve its audited results or dispatch its annual report by April 30 as required by Hong Kong's listing rules. The shares of the company plummeted after Bao went missing, with one point drop exceeding 50%.
Bao Fan, a veteran dealmaker known for his close ties with top technology companies in China, helped broker significant deals, including the merger between Meituan and Dianping in 2015. His team has also invested in prominent US-listed Chinese electric vehicle makers Nio (NIO) and Li Auto.
The company's delay is part of a broader crackdown on financial malfeasance by President Xi Jinping. Recently, former party secretary Liu Liange was charged with "serious violations of discipline and law" over alleged corruption, while former chairman Wang Bin of China Life Insurance faced charges with taking bribes and hiding overseas savings.
China Renaissance's suspension comes as authorities investigate Bao Fan's potential involvement in the Liu Liange probe. The exact circumstances surrounding Bao's disappearance remain unclear, adding to concerns about his well-being and the impact on his company.
, you know? As someone who cares about mental health, I think we should be thinking about him and his team, not just speculating about their involvement in an investigation 
. It's like, have you ever felt completely cut off from the world and couldn't get in touch with anyone? That must be super scary for Bao and his loved ones 
. And now, this delay has affected so many people who rely on China Renaissance... it's just a huge mess 
.
. Let's send some positive vibes to Bao Fan and his team, hoping everything turns out okay for them 
.
how are they supposed to focus on their business with all these questions surrounding bao? the whole situation just feels so uncertain & frightening... can't help but wonder if this is related to the crackdown on financial malfeasance 
.
. but seriously, has anyone seen any proof of wrongdoing from him? all i see is a bunch of speculation and rumors 
. china renaissance should be focusing on getting its finances in order instead of playing detective 
. what's the big deal about this guy's involvement with liu liange anyway? seems like just another case of corruption to me 
. and what's with all these delays and suspensions? it sounds like a game of musical chairs 
, except instead of chairs, it's companies' futures 
. anyone got any inside info on what's really going on here? 
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