Founder’s disappearance forces China Renaissance to halt trading and postpone results
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In recent news, China Renaissance, a top dealmaker in the country’s tech industry, has faced challenges due to the absence of its founder, Bao Fan. Since February, Bao has been unreachable, causing the company to suspend trading of its shares and delay the release of its annual results. This unfortunate situation has had a significant impact on China Renaissance, with its shares experiencing a sharp decline of up to 50%.
China Renaissance has revealed that Bao is supposedly cooperating in an investigation conducted by certain authorities in the country. The details surrounding the investigation have not been disclosed. Speculations suggest that Bao’s involvement may be related to a former executive at China Renaissance. This uncertainty surrounding Bao’s situation has hindered the completion of audits and the signing-off of reports by auditors, resulting in the inability to meet the April 30 deadline for the release of the company’s annual report as required by Hong Kong’s listing rules.
Due to these circumstances, trading in China Renaissance’s shares has been suspended from Monday onwards. This pause reflects the seriousness of the situation and the impact it has on the company’s operations.
Bao Fan is renowned for his expertise as a veteran dealmaker in the tech industry, especially in his close collaborations with top technology companies in China. He played a crucial role in brokering the merger between Meituan and Dianping, two leading food delivery services in China. His contributions have led to the success of the combined company’s “super app” platform, which has become ubiquitous throughout the country. Additionally, Bao’s team has invested in prominent Chinese electric vehicle makers Nio and Li Auto, as well as assisting Baidu and JD.com in completing their secondary listings in Hong Kong.
In other news, China’s top anti-graft watchdog has launched an investigation into Liu Liange, former party secretary and chairman of Bank of China. This investigation is part of a broader financial crackdown by President Xi Jinping. This crackdown aims to combat corruption and address violations of discipline and law within the financial sector.
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