Founder’s disappearance forces China Renaissance to halt trading and postpone results.

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China Renaissance, a top dealmaker in the tech industry, recently announced that it would suspend trading of its shares and delay the release of its annual results due to its founder, Bao Fan, being unreachable since mid-February. The company has experienced a significant decline in its stock price, with shares dropping as much as 50%.

Reports suggest that Bao might be assisting in an investigation related to a former executive at China Renaissance. As a result of Bao’s absence, auditors were unable to complete their work and sign off on the company’s report, leading to a delay in the approval of its audited results for 2022 and the dispatch of its annual report by the April 30 deadline.

Bao is a renowned dealmaker known for his close work with top technology companies in China. He has played a crucial role in brokering major deals, such as the merger between Meituan and Dianping, and has also made significant investments in prominent Chinese tech companies.

In other news, China’s top anti-graft watchdog has launched an investigation into Liu Liange, the former party secretary and chairman of Bank of China, as part of a broader financial crackdown by President Xi Jinping. Liu is suspected of “serious violations of discipline and law” and is among the most senior financial executives targeted in this crackdown.

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