Founder’s Disappearance Forces China Renaissance to Halt Trading and Postpone Results

Our awesome company specializes in providing complete software development activities utilizing nearshore and offshore resources. We offer a wide range of services including mobile app development, technology maintenance, web server development, and many other technology development activities.

In recent news, China Renaissance, a leading dealmaker in the tech industry, has announced the suspension of trading of its shares and the delay of its annual results. This is due to the fact that the company’s founder, Bao Fan, has been unreachable since mid-February. Shares in China Renaissance have plummeted since Bao’s disappearance, dropping as much as 50%.

China Renaissance revealed in late February that Bao was cooperating in an investigation conducted by authorities in the country. However, no further details were provided. Chinese media reports suggest that Bao may be assisting in an investigation related to a former executive at China Renaissance.

As a result of Bao’s absence, auditors have been unable to complete their work or sign off on their report. The board also cannot estimate when they will be able to approve the audited results for 2022 or release their annual report by the April 30 deadline mandated by Hong Kong’s listing rules. Therefore, trading in China Renaissance’s shares has been suspended as of Monday.

Bao is well-known as a veteran dealmaker with close ties to top technology companies in China. He played a key role in brokering the merger between Meituan and Dianping, two leading food delivery services in China. His team has also made investments in prominent Chinese electric vehicle makers and facilitated secondary listings in Hong Kong for major Chinese internet giants.

In other news, China’s top anti-graft watchdog is launching an investigation into Liu Liange, former party secretary and chairman of Bank of China. This investigation is part of a broader financial crackdown led by President Xi Jinping. Liu is suspected of serious violations of discipline and law.

Our company remains committed to providing exceptional software development services. With our expertise in mobile app development, technology maintenance, web server development, and more, we are well-equipped to meet the diverse needs of our clients. Contact us today to learn how we can assist with your software outsourcing requirements.