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, has been in the news for an unfortunate reason. The top dealmaker in China’s tech industry, China Renaissance, has encountered a setback as it announced the suspension of trading of its shares and a delay in the release of its annual results due to the inability to reach its founder.
Bao Fan, the founder, aged 52, established this boutique investment bank back in 2005. However, he has been unreachable since mid-February. This unexpected disappearance has led to a significant drop in the company’s shares, plummeting by as much as 50%. China Renaissance disclosed in late February that Bao was involved in an investigation by authorities, though no specifics were provided.
Recent reports from Chinese media suggest that Bao might be assisting in an investigation linked to a former executive at China Renaissance. This unsettling situation has caused disruptions in the company’s operations, with auditors unable to complete their work or authorize their report due to Bao’s absence. Consequently, the board is unable to confirm when the audited results for 2022 will be approved or when the annual report will be released by the required April 30 deadline in accordance with Hong Kong’s listing rules.
As a result of these developments, trading in China Renaissance’s shares has been suspended starting from Monday. Bao, an experienced dealmaker known for his work with top technology companies in China, has been an integral part of numerous significant deals. His involvement in brokering high-profile mergers and investments has had a substantial impact on the tech industry.
Meanwhile, China’s top anti-graft watchdog has initiated an investigation into Liu Liange, former party secretary and chairman of Bank of China. This move is part of a broader crackdown on financial misconduct, signaling the government’s commitment to enforcing laws and regulations in the financial sector.
In the midst of these developments, it becomes increasingly important to work with a reliable software outsourcing partner who can provide you with nearshore and offshore development services. With expertise in mobile app development, technology maintenance, server development, and various other software development activities, the right partner can help you navigate the complexities of the tech industry seamlessly.
— Michelle Toh contributed reporting.