ChromaChinchilla
Well-known member
Hong Kong Stock Exchange Suspends Trading for China Renaissance Amid Founder's Disappearance
Shares in China Renaissance, a prominent boutique investment bank in the Chinese tech industry, have plummeted by as much as 50% since founder Bao Fan went missing. The company has suspended trading of its shares and delayed the release of its annual results due to the inability to contact Bao.
Bao Fan, 52, started China Renaissance in 2005 and is known for his role in brokering major deals with top technology companies in China, including the merger between Meituan and Dianping in 2015. The combined company's "super app" platform has become ubiquitous in China. Bao's team has also invested in prominent US-listed Chinese electric vehicle makers Nio (NIO) and Li Auto.
However, since his disappearance mid-February, Bao has been unreachable, and the authorities have launched an investigation into possible cooperation with certain agencies. Sources suggest that Liu Liange, former party secretary and chairman of Bank of China, may be at the center of this investigation.
The bank's state-owned status makes it one of China's four largest lenders, but Liu is suspected of "serious violations of discipline and law," according to a statement from the Central Commission for Discipline Inspection and the State Supervision Commission. This latest development has triggered concerns about the impact on financial markets and regulatory scrutiny in China.
The suspension of trading by China Renaissance comes as part of its efforts to address the situation, but the lack of communication with Bao has hindered their ability to complete audits and release annual results as scheduled. The Hong Kong Stock Exchange has been informed of this delay, which will likely have implications for investors and analysts awaiting the company's financial performance.
In a recent statement, China Renaissance cited auditors' inability to complete their work due to Bao's absence and expressed uncertainty about meeting its April 30 deadline for submitting annual results. The situation highlights the risks associated with doing business in China, particularly when dealing with senior executives involved in high-profile investigations.
Shares in China Renaissance, a prominent boutique investment bank in the Chinese tech industry, have plummeted by as much as 50% since founder Bao Fan went missing. The company has suspended trading of its shares and delayed the release of its annual results due to the inability to contact Bao.
Bao Fan, 52, started China Renaissance in 2005 and is known for his role in brokering major deals with top technology companies in China, including the merger between Meituan and Dianping in 2015. The combined company's "super app" platform has become ubiquitous in China. Bao's team has also invested in prominent US-listed Chinese electric vehicle makers Nio (NIO) and Li Auto.
However, since his disappearance mid-February, Bao has been unreachable, and the authorities have launched an investigation into possible cooperation with certain agencies. Sources suggest that Liu Liange, former party secretary and chairman of Bank of China, may be at the center of this investigation.
The bank's state-owned status makes it one of China's four largest lenders, but Liu is suspected of "serious violations of discipline and law," according to a statement from the Central Commission for Discipline Inspection and the State Supervision Commission. This latest development has triggered concerns about the impact on financial markets and regulatory scrutiny in China.
The suspension of trading by China Renaissance comes as part of its efforts to address the situation, but the lack of communication with Bao has hindered their ability to complete audits and release annual results as scheduled. The Hong Kong Stock Exchange has been informed of this delay, which will likely have implications for investors and analysts awaiting the company's financial performance.
In a recent statement, China Renaissance cited auditors' inability to complete their work due to Bao's absence and expressed uncertainty about meeting its April 30 deadline for submitting annual results. The situation highlights the risks associated with doing business in China, particularly when dealing with senior executives involved in high-profile investigations.
This is super concerning, a 50% drop in shares is huge... what if he's in some serious trouble? 
I don't know much about this guy or his company, but it seems like there's been a lot of shady dealings going on with the authorities. Liu Liange sounds like a major player, but why is he under investigation again? 
And what's up with China Renaissance just suspending trading altogether? It's like they're hiding something...
This whole thing is super concerning for me... I mean, think about it - this guy Bao Fan was basically a big shot in the Chinese tech industry and then just disappears? 
It's like, what even happens when someone at his level goes missing? The whole investigation into Liu Liange sounds shady to me too. I don't know what kind of "serious violations" they're talking about, but it doesn't sound good.
It's all so confusing.
And what does this say about the regulatory environment in China? Is it really that hard for someone at his level to get caught up in some kind of scandal?
oh man this is crazy... think china renaissance was going to be a big player in the chinese tech scene but now it's like total chaos 
all these shares plummeting and there's no update on bao fan 
his team's not saying anything and the authorities are sniffing around 
Liu liange is at the center of this mess 
it's like, what even happened to bao? was he taken by some agency or something? 
so now the bank's suspended trading and delayed results... investors are gonna be all over this 
.
. Anyone have any inside scoop on what's really going on here? 
. the fact that Liu Liange might be at the center of an investigation just adds to the drama 
. i'm not surprised investors are getting nervous, but this raises so many questions... what happened to bao fan? is he even in danger? and how will china's financial markets recover from this? it's like a domino effect 
China Renaissance needs to get its act together ASAP 
and find out what's going on with Bao #BusinessInterruption #InvestorWorries #HongKongStockExchange
? i thought only billionaires had to deal with that kinda stuff 
? btw, i'm still trying to figure out how meituan and dianping became one app 
can't wait to see what happens next with Bao's disappearance 