China Renaissance, a prominent player in China's tech industry, has suspended trading of its shares and delayed the release of its annual results due to the disappearance of its founder, Bao Fan. The 52-year-old entrepreneur started the boutique investment bank in 2005 but has been unreachable since mid-February. His absence has led to a sharp decline in the company's stock price, which plummeted as much as 50%.
The company initially reported that Bao was "cooperating with an investigation" being carried out by certain authorities, but no further details were provided. Chinese media have speculated 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 or sign off on the company's report, and the board was unable to estimate when it would approve its audited results for 2022. The deadline for dispatching its annual report by April 30 has also been missed.
Bao is known for his close ties with top technology companies in China. He played a key role in brokering the 2015 merger between Meituan and Dianping, two leading food delivery services, which resulted in the creation of a "super app" platform ubiquitous in China today.
The disappearance of Bao Fan has raised questions about the impact of the Chinese government's widening anti-graft campaign on business leaders. The Central Commission for Discipline Inspection and the State Supervision Commission recently launched an investigation into Liu Liange, a former party secretary and chairman of Bank of China, who is suspected of serious violations of discipline and law.
The recent developments have led to increased scrutiny of China's financial sector, with many high-profile executives facing charges related to corruption and wrongdoing. The case of Bao Fan serves as a reminder that even influential business leaders are not immune to the consequences of the government's crackdown on corruption.
The company initially reported that Bao was "cooperating with an investigation" being carried out by certain authorities, but no further details were provided. Chinese media have speculated 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 or sign off on the company's report, and the board was unable to estimate when it would approve its audited results for 2022. The deadline for dispatching its annual report by April 30 has also been missed.
Bao is known for his close ties with top technology companies in China. He played a key role in brokering the 2015 merger between Meituan and Dianping, two leading food delivery services, which resulted in the creation of a "super app" platform ubiquitous in China today.
The disappearance of Bao Fan has raised questions about the impact of the Chinese government's widening anti-graft campaign on business leaders. The Central Commission for Discipline Inspection and the State Supervision Commission recently launched an investigation into Liu Liange, a former party secretary and chairman of Bank of China, who is suspected of serious violations of discipline and law.
The recent developments have led to increased scrutiny of China's financial sector, with many high-profile executives facing charges related to corruption and wrongdoing. The case of Bao Fan serves as a reminder that even influential business leaders are not immune to the consequences of the government's crackdown on corruption.
his company china renaissance is gonna get totally destroyed without him and all those shares plummeting is insane 50%+ decline is like whoa 
I feel bad for the employees tho, will they be able to keep their jobs now?
this just gets more crazy by the day... like what was going through his mind that he just vanished into thin air? 
2005, started this investment bank, and now it's all because of some investigation? 
sounds like a classic case of " who done it" but with a lot more $$$ at stake. 
can't help but wonder if there's more to the story than what's being told... maybe someone knows something that they ain't sharing yet? 
. He played a huge role in creating that "super app" platform in China, which is now super popular. Maybe this whole thing is just a big misunderstanding 
.
. The government's anti-graft campaign has been pretty intense lately, but it's not all bad news 
. It means that people are being held accountable for their actions, which is a good thing.
that everything will work out okay. And hey, even if it doesn't, at least we can learn from the experience and move forward 
.
i'm thinking of him and his family 
he was like such an important figure in china's tech industry 
it's crazy how quickly things can change 
one minute he's making waves with meituan and dianping merger 
super app platform everywhere now 
hope everything is okay with him 
. It sounds like he just vanished into thin air and no one knows where he is now 
.
.