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China Renaissance, a top dealmaker in the country’s tech industry, has announced the suspension of trading of its shares and a delay in the release of its annual results due to the unavailability of its founder. Bao Fan, who started the boutique investment bank in 2005, has been unreachable since mid-February, leading to a significant drop in China Renaissance’s shares. The company revealed that Bao is cooperating in an investigation by certain authorities, but no further details were disclosed.
Reports suggest that Bao might be assisting in an investigation related to a former executive at China Renaissance. The company stated that auditors were unable to complete their work or sign off on their report due to Bao’s absence, which has also affected the approval of the audited results for 2022 and the dispatch of the annual report by the April 30 deadline, resulting in the suspension of trading in the company’s shares.
Bao is a renowned dealmaker who has worked closely with top technology companies in China, facilitating major deals such as the merger between Meituan and Dianping in 2015. His team has also been involved in investments in Chinese electric vehicle makers and assisting internet giants in their secondary listings. Amidst these developments, China’s top anti-graft watchdog has launched an investigation into a former senior executive at Bank of China, signaling a broader financial crackdown in the country.
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