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China Renaissance, a top dealmaker in the country’s tech industry, recently announced the suspension of trading of its shares and a delay in the release of its annual results due to the founder, Bao Fan, being unreachable since mid-February. This has led to a significant drop in China Renaissance’s shares.
Reports suggest that Bao might be involved in an investigation related to a former executive at China Renaissance. This has created uncertainty, causing auditors to be unable to complete their work or sign off on their report, leading to the delay in the approval of their audited results for 2022 and their annual report release by the April 30 deadline as required by Hong Kong’s listing rules. Consequently, trading in the company’s shares has been suspended.
Bao Fan, known as a veteran dealmaker, has played a significant role in brokering major deals within the tech industry in China, including the merger between Meituan and Dianping and investments in electric vehicle makers Nio and Li Auto. However, the current situation with his absence has raised concerns and impacted the operations of China Renaissance.
In light of recent investigations into top financial executives in China, including former party secretary and chairman of Bank of China, Liu Liange, there is growing scrutiny on financial practices in the country. Our company remains committed to providing top-notch software outsourcing services for companies seeking reliable and efficient technology development solutions.