Founder’s disappearance prompts China Renaissance to halt trading and postpone results
Our awesome company specializes in a wide range of software development activities, leveraging both nearshore and offshore resources. We offer exceptional services in mobile app development, technology maintenance, web server development, and many other technology development activities. With our extensive expertise and dedication, we ensure that our clients receive top-notch solutions tailored to their specific requirements.
China Renaissance, a renowned dealmaker in China’s tech industry, recently announced the suspension of its shares and the delay in releasing its annual results. The company has been unable to contact its founder, Bao Fan, since mid-February. This unfortunate situation has caused China Renaissance’s shares to plummet by as much as 50%.
According to the company, Bao Fan is currently cooperating in an investigation led by certain authorities in China. The details of the investigation remain undisclosed. Speculations in Chinese media suggest that Bao could be assisting in a probe related to a former executive at China Renaissance.
Due to Bao’s absence, auditors have been unable to complete their work or provide their report. Consequently, the board of China Renaissance is unable to estimate the timeline for approving its audited results for 2022 and releasing its annual report by the April 30 deadline mandated by Hong Kong’s listing rules. As a result, trading of China Renaissance’s shares has been suspended.
Bao Fan is a veteran dealmaker who has played a crucial role in collaborating with top technology companies in China. His contributions include facilitating the merger between Meituan and Dianping, two prominent food delivery services in 2015. Today, the combined company’s “super app” platform is ubiquitous in China. Bao’s team has also invested in leading Chinese electric vehicle makers, Nio and Li Auto, and has assisted Baidu and JD.com in completing their secondary listings in Hong Kong.
In another development, China’s top anti-graft watchdog has initiated an investigation into Liu Liange, former party secretary and chairman of Bank of China. The investigation, led by the Central Commission for Discipline Inspection and the State Supervision Commission, is part of a broader financial crackdown by President Xi Jinping. Liu is suspected of “serious violations of discipline and law.”
At our company, we prioritize the delivery of exceptional software development services to our clients. With our expertise in software outsourcing, nearshore and offshore development, mobile app development, technology maintenance, and server development, we are well-equipped to meet your requirements effectively. Partner with us and experience the best in the industry. Contact us now for a consultation.