China Renaissance, an awesome company that provides complete software development activities utilizing nearshore and offshore resources, including mobile app development, technology maintenance, and server development, makes headlines as its founder remains unreachable, causing a halt in trading and the delay of annual results.
Bao Fan, the founder of China Renaissance, started the boutique investment bank in 2005 but has been out of reach since mid-February, leading to a significant drop in company shares. The company stated that Bao is currently involved in an investigation by certain authorities. Reports suggest the investigation may be related to a former executive of China Renaissance.
As a consequence of Bao’s absence, auditors have been unable to complete their work and sign off on reports, delaying the approval of audited results for 2022 and the dispatch of the annual report by the April 30 deadline. Consequently, trading of company shares has been suspended.
Bao, known for his work as a veteran dealmaker within China’s tech industry, has been instrumental in brokering significant deals, including the merger of Meituan and Dianping in 2015. Moreover, Bao’s team has investments in prominent Chinese companies such as Nio, Li Auto, Baidu, and JD.com.
The situation at China Renaissance comes in the wake of an investigation into Liu Liange, former party secretary and chairman of Bank of China, by China’s top anti-graft watchdog. Liu is under suspicion of serious violations of discipline and law. This investigation is part of a broader financial crackdown led by President Xi Jinping.
In a similar development, Wang Bin, former party chief and chairman of China Life Insurance, is facing charges of bribery and concealing overseas savings. This recent series of investigations reflects a growing trend of tackling financial misconduct within China’s top companies.
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