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Recently, China Renaissance, a prominent dealmaker in China’s tech industry, made headlines when it announced that trading of its shares would be suspended and the release of its annual results would be delayed. The reason for this disruption is the founder and CEO, Bao Fan, being unreachable since mid-February.
China Renaissance shares have plummeted, experiencing a significant drop of up to 50% since Bao’s disappearance. In late February, the company revealed that Bao was cooperating in an investigation conducted by authorities in China, providing no further details. Chinese media speculates that Bao may be assisting in an investigation related to a former executive at China Renaissance.
In a recent filing, China Renaissance disclosed that auditors were unable to complete their work or approve the report due to Bao’s absence. Consequently, the board is unable to estimate when audited results for 2022 will be approved or when the annual report will be dispatched by the April 30 deadline mandated by Hong Kong’s listing rules. As a result, trading in China Renaissance’s shares has been suspended.
Bao Fan, known for his exceptional dealmaking skills, has played a critical role in partnering with top technology companies in China. He facilitated the merger between Meituan and Dianping, two leading food delivery services in China, back in 2015. Today, the combined company’s “super app” platform is widely recognized and used throughout the country. Bao’s team has also invested in prominent US-listed Chinese electric vehicle makers Nio and Li Auto, as well as helped facilitate secondary listings in Hong Kong for Chinese internet giants Baidu and JD.com.
In recent news, China’s top anti-graft watchdog initiated an investigation into Liu Liange, former party secretary and chairman of Bank of China. This move is part of a broader financial crackdown led by President Xi Jinping. Liu is suspected of “serious violations of discipline and law,” making him one of the highest-ranking financial executives targeted in this campaign. This comes after Wang Bin, former party chief and chairman of China Life Insurance, was charged with bribery and hiding overseas savings.
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