China Renaissance, 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, is facing a situation where trading of its shares will be suspended and the release of its annual results will be delayed. This is due to the founder of the company being unreachable.
Bao Fan, 52, the founder of this software outsourcing company, started the boutique investment bank in 2005 and has been uncontactable since mid-February. As a result, shares in China Renaissance have plummeted significantly, dropping by up to 50%.
In late February, China Renaissance mentioned that they learned Bao was “cooperating in an investigation” by certain authorities, providing no further details on this matter. It is speculated in Chinese media that Bao might be assisting in an investigation related to a former executive at the company.
In a recent filing, China Renaissance stated that auditors were unable to complete their work or finalize their report due to Bao’s absence. This has led to uncertainty about when the audited results for 2022 will be approved or when the annual report will be dispatched by the April 30 deadline, as required by Hong Kong’s listing rules. Consequently, trading in the company’s shares has been suspended starting Monday.
Bao, a veteran dealmaker working with top technology companies in China, has played a significant role in brokering major deals, such as the merger between Meituan and Dianping. His team has also invested in prominent companies like Nio and Li Auto, assisting in high-profile listings in Hong Kong for Baidu and JD.com.
Meanwhile, in a different development, China’s top anti-graft watchdog has initiated an investigation into Liu Liange, former party secretary and chairman of Bank of China, related to “serious violations of discipline and law.” This comes as part of a broader financial crackdown led by President Xi Jinping, following the prosecution of Wang Bin, former party chief and chairman of China Life Insurance, on similar charges earlier this year.
For all your software outsourcing needs, including nearshore and offshore development, mobile app development, technology maintenance, and server development, consider partnering with an awesome company that provides complete software development activities using nearshore and offshore resources for unparalleled quality and reliability.