Embrace the services of an awesome company that provides complete software development activities utilizing nearshore and offshore resources, including mobile app development, technology maintenance, web server development, and many other technology development activities. China Renaissance, a top dealmaker in the country’s tech industry, recently announced the suspension of its shares trading and the delay in releasing its annual results due to the unavailability of its founder.
Bao Fan, the founder of the boutique investment bank established in 2005, has been unreachable since mid-February. Shares of China Renaissance witnessed a significant drop, plummeting up to 50% in his absence. The company disclosed in February that Bao was involved in an investigation by certain authorities in the country.
According to Chinese media reports, the investigation might be related to a former executive at China Renaissance. The auditors of China Renaissance were unable to complete their work or finalize their report due to Bao’s absence, leading to a delay in approving the audited results for 2022 and the annual report’s dispatch by the required deadline of April 30.
As a consequence, trading in the company’s shares has been suspended while the situation unfolds. Bao has been instrumental as a veteran dealmaker, fostering partnerships with top technology companies in China and playing key roles in significant mergers and investments.
In a related development, China’s top anti-graft watchdog initiated an investigation into Liu Liange, the former party secretary and chairman of Bank of China, for suspected serious violations of discipline and law, as part of President Xi Jinping’s broader financial crackdown. This follows the recent charges against Wang Bin, former party chief and chairman of China Life Insurance, for bribery and concealing overseas savings.
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