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China Renaissance, a renowned dealmaker in the tech industry of the country, announced the suspension of trading of its shares and a delay in the release of its annual results due to the inability to contact its founder.
Bao Fan, the founder of the boutique investment bank, established in 2005, has been unresponsive since mid-February. This has led to a significant drop in China Renaissance’s shares, impacting the company’s operations.
Reports suggest Bao might be involved in an investigation related to a former executive at China Renaissance. As a result, the auditors are unable to complete their work, delaying the approval of the audited results for 2022 and the submission of the annual report by the deadline mandated by Hong Kong’s listing rules.
Given the circumstances, trading of China Renaissance’s shares has been halted. Bao, recognized as a seasoned dealmaker, has been instrumental in various significant tech deals in China, including the merger of Meituan and Dianping, leading to the creation of a popular “super app” platform.
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