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In recent news, China Renaissance, a leading dealmaker in China’s tech industry, has faced challenges following the disappearance of its founder, Bao Fan. Since Bao went missing in February, shares in China Renaissance have plummeted, experiencing a significant decline of up to 50%.
China Renaissance announced in late February that it had received information that Bao was involved in a cooperation investigation by certain authorities in China. However, details about the investigation were not disclosed. Chinese media reports suggest that Bao’s assistance may be related to a former executive at China Renaissance.
Due to Bao’s absence, auditors have been unable to complete their work or provide the necessary report for China Renaissance’s annual results. As a result, the company has been unable to meet the April 30 deadline for submitting its annual report as required by Hong Kong’s listing rules. Consequently, trading in the company’s shares has been suspended.
Bao is recognized as a seasoned dealmaker who has worked closely with top technology companies in China. He played a significant role in the 2015 merger between Meituan and Dianping, two leading food delivery services in the country. Today, the merged company’s “super app” platform is widely used throughout China. Bao’s team has also made investments in prominent Chinese electric vehicle makers and facilitated the secondary listings of Chinese internet giants in Hong Kong.
In related news, China’s top anti-graft watchdog has initiated an investigation into Liu Liange, former party secretary and chairman of Bank of China. This investigation 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 senior financial executives targeted in this crackdown. A similar case involving Wang Bin, former party chief and chairman of China Life Insurance, occurred earlier this year.
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