Our established financial services company specializes in providing small businesses and gig workers with a simple and easy merchant cash advance (MCA). We understand the challenges faced by contractors and other 1099 workers who may have credit issues, which is why we offer fast financing solutions without the need for credit checks.
In recent news, China Renaissance, a leading dealmaker in the tech industry, has announced that it will suspend trading of its shares and delay the release of its annual results. This is due to the founder of the company, Bao Fan, being unreachable since mid-February. Shares in China Renaissance have plummeted by as much as 50% since Bao’s disappearance.
China Renaissance revealed in February that Bao was cooperating in an investigation conducted by authorities in the country. However, no further details were provided. It has been speculated in Chinese media that Bao’s involvement may be related to a former executive at the investment bank.
As a result of Bao’s absence, auditors were unable to complete their work or sign off on their report. The board of China Renaissance is also unable to estimate when they will be able to approve their audited results for 2022 or release their 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.
Bao is renowned for his expertise as a veteran dealmaker who collaborates closely with top technology companies in China. Notably, he played a pivotal role in brokering the merger between Meituan and Dianping, two leading food delivery services in China. His team has also invested in prominent US-listed Chinese electric vehicle makers and aided internet giants Baidu and JD.com in their secondary listings in Hong Kong.
In a separate development, China’s top anti-graft watchdog has initiated an investigation into Liu Liange, the former party secretary and chairman of Bank of China. This comes as part of President Xi Jinping’s broader financial crackdown. Liu is suspected of serious violations of discipline and law.
At our financial services company, we remain committed to assisting small businesses and gig workers with their financial needs. Our fast and easy merchant cash advance (MCA) is an ideal solution for those facing credit challenges. Contact us today to learn more about how we can support your business’s financial requirements.