China's top dealmaker vanishes, sparking trading halt and audit delay at boutique investment bank China Renaissance. The company suspended trading of its shares and delayed the release of its annual results following the disappearance of its 52-year-old founder Bao Fan since mid-February.
Bao, a veteran dealmaker known for his close ties to top technology companies in China, had been unreachable by auditors, who cited this reason for not being able to complete their work on the company's annual audit. As a result, the board of directors was unable to provide an estimate for when it would be able to approve its audited results or dispatch its annual report by April 30 as required by Hong Kong's listing rules.
Shares in China Renaissance have plummeted since Bao went missing, dropping as much as 50%. The company had previously stated that Bao was cooperating with an investigation being carried out by certain authorities in the country, but gave no other details. Chinese media have reported that Bao might be assisting in an investigation related to a former executive at China Renaissance.
The disappearance of Bao Fan has added to the growing concerns about corruption and regulatory risks facing China's tech industry. The case comes amid a broader financial crackdown by President Xi Jinping, which has seen several senior executives targeted for alleged wrongdoing.
In other news related to China's high-profile officials, Liu Liange, former party secretary and chairman of Bank of China, was launched into an investigation by the country's top anti-graft watchdog last weekend. The bank is state-owned and one of the country's four biggest lenders.
Bao, a veteran dealmaker known for his close ties to top technology companies in China, had been unreachable by auditors, who cited this reason for not being able to complete their work on the company's annual audit. As a result, the board of directors was unable to provide an estimate for when it would be able to approve its audited results or dispatch its annual report by April 30 as required by Hong Kong's listing rules.
Shares in China Renaissance have plummeted since Bao went missing, dropping as much as 50%. The company had previously stated that Bao was cooperating with an investigation being carried out by certain authorities in the country, but gave no other details. Chinese media have reported that Bao might be assisting in an investigation related to a former executive at China Renaissance.
The disappearance of Bao Fan has added to the growing concerns about corruption and regulatory risks facing China's tech industry. The case comes amid a broader financial crackdown by President Xi Jinping, which has seen several senior executives targeted for alleged wrongdoing.
In other news related to China's high-profile officials, Liu Liange, former party secretary and chairman of Bank of China, was launched into an investigation by the country's top anti-graft watchdog last weekend. The bank is state-owned and one of the country's four biggest lenders.
Oh man, this is getting serious! 
China Renaissance shares are tanking like crazy - 50% drop is huge 
! What's going on with Bao Fan? 
Was he involved in something shady? 
The whole thing has me worried about corruption and regulatory risks in the Chinese tech industry 
Especially with President Xi Jinping's financial crackdown 
. It's like, one bad apple can ruin the whole basket 
. I'm keeping an eye on this developing story... 
... I mean, who wouldn't be concerned when a 52-year-old dealmaker just vanishes into thin air? 
And now shares are plummeting like crazy... I guess that's just good business practice, right? 
.
can't believe what's happening with Bao Fan, it's like he just vanished into thin air 
. First thing that comes to mind is this whole corruption thing in China, I mean we've heard rumors about high-profile officials getting "involved" in some shady dealings before, but this is on a whole other level 
. And with shares of his company plummeting 50%? That's some serious drama 
.
but maybe this all just another reason for those rich chinese people to hide their yuan 
and invest in tesla or something 
50% drop in shares? no wonder he was helping with an investigation 
Liu Liange getting investigated is one thing, but at least there's some clarity on that. this china Renaissance guy's disappearance just leaves so many questions... like what happened to him? did he get taken care of?