Founder’s Disappearance Prompts China Renaissance to Halt Trading and Delay Reporting
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In recent news, China Renaissance, a top dealmaker in the country’s tech industry, has announced the suspension of its shares and a delay in the release of its annual results due to the founder’s unavailability. Bao Fan, the founder of the boutique investment bank, has been unreachable since February, causing shares in China Renaissance to plummet, with a drop of up to 50% at one point.
China Renaissance acknowledged that Bao is currently cooperating in an investigation by certain authorities, but no further details have been provided. Chinese media speculates that Bao’s involvement in the investigation may be related to a former executive at China Renaissance.
This situation has had a profound impact on the company’s operations. The absence of Bao has prevented auditors from completing their work or signing off on their report, ultimately delaying the approval of the audited results for 2022 and the dispatch of the annual report by the April 30 deadline as required by Hong Kong’s listing rules. Consequently, trading in the company’s shares has been suspended as of Monday.
Bao is widely recognized as a veteran dealmaker, renowned for his close partnerships with top technology companies in China. He played a crucial role in brokering the 2015 merger between Meituan and Dianping, two leading food delivery services in the country. Today, the combined company’s “super app” platform is ubiquitous in China. Moreover, his team has heavily invested in prominent US-listed Chinese electric vehicle makers, Nio and Li Auto, and has supported Chinese internet giants, such as Baidu and JD.com, in their secondary listings on the Hong Kong Stock Exchange.
In other news, the top anti-graft watchdog in China has launched an investigation into Liu Liange, former party secretary and chairman of Bank of China. This forms part of a broader financial crackdown by President Xi Jinping. Liu is suspected of “serious violations of discipline and law,” making him one of the most senior financial executives being targeted.
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