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China Renaissance, a top dealmaker in China’s tech industry, is facing uncertainty as it suspends trading and delays its annual results due to the disappearance of its founder, Bao Fan. Since Bao went missing, shares in China Renaissance have plummeted, prompting concerns.
Reports suggest that Bao may be involved in an investigation related to a former executive at the company, leaving auditors unable to complete their work. The board of China Renaissance is now uncertain when they can approve their audited results for 2022 or meet the April 30 deadline for their annual report.
Bao, a veteran dealmaker in China, has a track record of working closely with top technology companies. He played a pivotal role in the merger of Meituan and Dianping, and his team has invested in prominent companies like Nio and Li Auto. However, his current absence has created substantial challenges for China Renaissance.
In a separate development, China’s anti-graft watchdog has launched an investigation into Liu Liange, former party secretary and chairman of Bank of China, as part of a broader financial crackdown initiated by President Xi Jinping. This recent news adds to the financial uncertainty in China’s business landscape.
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