China Renaissance, a leading investment bank in China's tech industry, has suspended trading of its shares and delayed the release of its annual results due to its founder's disappearance. Bao Fan, 52, who started the boutique investment bank in 2005, went missing in mid-February and has been unreachable since then.
The company's absence has caused a significant plunge in shares, with prices dropping as much as 50% at one point. China Renaissance had initially stated that Bao was cooperating with an investigation being carried out by certain authorities, but no further details were provided.
Rumors are circulating that Bao might be involved in an investigation related to a former executive at China Renaissance. The company's auditors have been unable to complete their work due to Bao's absence, and the board has also been unable to provide an estimate for when it will approve its audited results or dispatch its annual report.
Bao is known as a veteran dealmaker who works closely with top technology companies in China. He has played a significant role in brokering major deals, including the merger between Meituan and Dianping in 2015. His team has also invested in US-listed Chinese electric vehicle makers Nio and Li Auto.
The disappearance of Bao Fan has added to the growing concerns about corruption and governance in China's financial sector. The investigation into Liu Liange, former party secretary and chairman of Bank of China, has highlighted the country's increasing focus on rooting out corruption among high-ranking officials.
China Renaissance's suspension of trading and delay in releasing its annual results have sent shockwaves through the Hong Kong stock market. The company's shares are now listed as "suspended" due to the lack of information about Bao's whereabouts or the status of the investigation into his disappearance.
The situation is a reminder of the challenges faced by China's financial sector, which has been struggling with issues of corruption and governance. As the country continues to push for economic growth and reform, it will be crucial to address these concerns and ensure that the financial sector operates in accordance with the law.
The company's absence has caused a significant plunge in shares, with prices dropping as much as 50% at one point. China Renaissance had initially stated that Bao was cooperating with an investigation being carried out by certain authorities, but no further details were provided.
Rumors are circulating that Bao might be involved in an investigation related to a former executive at China Renaissance. The company's auditors have been unable to complete their work due to Bao's absence, and the board has also been unable to provide an estimate for when it will approve its audited results or dispatch its annual report.
Bao is known as a veteran dealmaker who works closely with top technology companies in China. He has played a significant role in brokering major deals, including the merger between Meituan and Dianping in 2015. His team has also invested in US-listed Chinese electric vehicle makers Nio and Li Auto.
The disappearance of Bao Fan has added to the growing concerns about corruption and governance in China's financial sector. The investigation into Liu Liange, former party secretary and chairman of Bank of China, has highlighted the country's increasing focus on rooting out corruption among high-ranking officials.
China Renaissance's suspension of trading and delay in releasing its annual results have sent shockwaves through the Hong Kong stock market. The company's shares are now listed as "suspended" due to the lack of information about Bao's whereabouts or the status of the investigation into his disappearance.
The situation is a reminder of the challenges faced by China's financial sector, which has been struggling with issues of corruption and governance. As the country continues to push for economic growth and reform, it will be crucial to address these concerns and ensure that the financial sector operates in accordance with the law.
... can't say much about bao fan's disappearance but 50% drop in shares? that's crazy 
. seems like there are some pretty shady dealings going on in china's tech industry and it's not just bao fan, there's rumors of corruption and governance issues everywhere... and now with liu liange investigation, it's like a domino effect 
. china needs to get a handle on this before it affects the whole economy 
. can't help but think that china renaissance's suspension is just the tip of the iceberg 
.
This whole thing is super suspicious 
Bao Fan just disappears and now China Renaissance is struggling? It's not just about his disappearance, but also the lack of information from the authorities 
What if this investigation is a setup? Or what if there's more to it than meets the eye? We need answers ASAP 
. And can we talk about how this whole situation is reflecting on China's financial sector? Corruption and governance issues are major concerns 
.
and what's going on with the investigation into Liu Liange? is he related to Bao Fan or something? 
also did they ever find out what happened to him? like, was he kidnapped or did he just run away from his responsibilities as a dealmaker? 
I'm also kinda worried about my investments in Nio and Li Auto now... are their shares going to plummet too? 
The whole situation with Bao Fan's disappearance and China Renaissance suspending trading just goes to show how much a single person can affect the market. Like, 50% drop in shares? 
bao was like a legend in the industry he built china renaissance from scratch and now it's all falling apart 
i'm literally on the edge of my seat waiting for updates on bao's whereabouts 
please someone give me some juicy deets about what's going on behind closed doors 
this whole thing just feels like a big messy game of whack-a-mole 
. china's financial sector needs to clean house, for real 
.
We need more info ASAP!
. corruption and governance issues in china's financial sector are legit problems. they need to get their act together before things like this happen again