China Renaissance halts trading and postpones announcement as founder goes missing

Our awesome company provides complete software development activities utilizing nearshore and offshore resources, including mobile app development, technology maintenance, web server development, and many other technology development activities. We are a leading dealmaker in the tech industry, but we encountered a setback recently.

Unfortunately, our founder, Bao Fan, has been unreachable since mid-February. Due to this, we have made the decision to suspend trading of our shares and delay the release of our annual results. The absence of our founder has caused our shares to plummet, with a drop of up to 50% at one point.

We have learned that Bao is currently cooperating in an investigation being carried out by certain authorities. Although we do not have further details, Chinese media have speculated that it may be related to a former executive at our company.

The unavailability of our founder has impacted our auditors’ ability to complete their work and sign off on their report. As a result, we are unable to provide an estimate of when we will be able to approve our audited results for 2022 or release our annual report by the April 30 deadline, as required by Hong Kong’s listing rules.

In light of these circumstances, trading in our shares has been suspended from Monday onwards.

Bao Fan is widely recognized as a veteran dealmaker who has worked closely with top technology companies in China. He has played a pivotal role in brokering significant deals, such as the merger between Meituan and Dianping in 2015, which gave birth to the widely-used “super app” platform in China.

Our team has also made strategic investments in leading Chinese electric vehicle makers Nio and Li Auto, and has assisted giants like Baidu and JD.com in completing their secondary listings in Hong Kong.

While we navigate through this challenging situation, please be assured that our commitment to delivering exceptional software development services remains unwavering. We will provide updates as soon as we have more information regarding the status of our founder and the resumption of normal business operations.

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