China Renaissance, a prominent player in China's tech industry, has suspended trading of its shares and delayed the release of its annual results due to the unavailability of its founder. The company's shares have plummeted since Bao Fan, 52, went missing mid-February.
Bao Fan started the boutique investment bank in 2005 and is known for his close ties with top technology companies in China. He helped facilitate the 2015 merger between Meituan and Dianping, two of the country's leading food delivery services. The combined company's "super app" platform has become ubiquitous in China.
Bao was reported to be cooperating in an investigation by certain authorities in the country. However, Chinese media have hinted that he might be assisting in an investigation related to a former executive at China Renaissance.
The company filed on Sunday that auditors couldn't complete their work or sign off on their report due to Bao's absence. The board was also unable to provide an estimate about when it would approve its audited results for 2022 or dispatch its annual report by the April 30 deadline required by Hong Kong's listing rules.
As a result, trading in China Renaissance shares has been suspended from Monday. This follows a broader trend of financial crackdowns led by President Xi Jinping against top financial executives and companies.
Bao Fan is among several high-ranking officials who have faced investigations for alleged corruption and wrongdoing. In January, Wang Bin, former party chief and chairman of China Life Insurance, was charged with taking bribes and hiding overseas savings.
The unavailability of Bao Fan has added to the uncertainty surrounding China Renaissance's financial performance, adding to market volatility in the company's shares.
Bao Fan started the boutique investment bank in 2005 and is known for his close ties with top technology companies in China. He helped facilitate the 2015 merger between Meituan and Dianping, two of the country's leading food delivery services. The combined company's "super app" platform has become ubiquitous in China.
Bao was reported to be cooperating in an investigation by certain authorities in the country. However, Chinese media have hinted that he might be assisting in an investigation related to a former executive at China Renaissance.
The company filed on Sunday that auditors couldn't complete their work or sign off on their report due to Bao's absence. The board was also unable to provide an estimate about when it would approve its audited results for 2022 or dispatch its annual report by the April 30 deadline required by Hong Kong's listing rules.
As a result, trading in China Renaissance shares has been suspended from Monday. This follows a broader trend of financial crackdowns led by President Xi Jinping against top financial executives and companies.
Bao Fan is among several high-ranking officials who have faced investigations for alleged corruption and wrongdoing. In January, Wang Bin, former party chief and chairman of China Life Insurance, was charged with taking bribes and hiding overseas savings.
The unavailability of Bao Fan has added to the uncertainty surrounding China Renaissance's financial performance, adding to market volatility in the company's shares.
but you know what, lets not jump to conclusions, maybe he's on a secret mission or something 
to uncover some major wrongdoing? i mean think about it, china renaissance is getting hit hard over this, and with all the financial crackdowns going on, its like, the authorities are trying to clean up the tech industry 
. plus, bao fan was involved in some pretty big deals, so if he is missing, maybe he stumbled upon something shady and needed to take a break 
. lets just say i'm keeping an eye on this one 
Like, what even happened to Bao Fan? Was he kidnapped by a rival company or something? 
This whole situation with China Renaissance has me spooked. I'm trying to keep an eye on this one, but the lack of transparency is making it super sketchy 
. And let's not forget all these other high-ranking officials getting investigated... it's like, what's going on with China right now? 
Can someone explain it in simple terms?
? Like, what even happened to him? 
He was so important to China Renaissance and now his shares are tanking 
... It's all so confusing 
... Can we just get some answers already? 
it's like they just disappeared into thin air, leaving everyone wondering what's going on. and now their shares are tanking, it's no wonder 
so many people are talking about the whole thing... some folks think he might be in trouble with the authorities 
or maybe something more serious? idk but as a diy enthusiast i just wanna fix this mess, not make it worse 
i mean, one thing is corruption, another is market manipulation...can't a company just get some stability for once? 
meanwhile, meituan's super app has become ubiquitous in china - what's the point of all this drama if they can't even give us some clarity on their financials? 
. I mean, I get it, he's a high-profile figure and there are investigations going on, but suspending trading of shares? That's just crazy 
. It's like, what's next? You know how much people trust China Renaissance because of Bao Fan's background & connections, now all that's just up in the air 
. I'm rooting for him to be found safe & sound ASAP 
anyway i'm keeping an eye on this situation it's like china's economic landscape is super unpredictable right now