China Renaissance, a leading player in the tech industry in China, has announced that it will halt trading of its shares and delay the release of its annual results due to an inability to reach its founder. Bao Fan, the founder, has been unreachable since mid-February, causing a significant impact on the company’s shares which have dropped by as much as 50%.
The company revealed in late February that Bao is reportedly involved in a government investigation, though specifics were not disclosed. Reports suggest that the investigation may pertain to a former executive at China Renaissance. Auditors have been unable to finalize their work or approve their report without Bao’s presence, leading to a delay in meeting the April 30 deadline for submitting the annual report as per Hong Kong’s listing regulations.
Due to this development, trading of China Renaissance’s shares has been suspended. Bao, a seasoned dealmaker known for his collaboration with top tech firms in China, has played a key role in brokering major deals such as the merger between Meituan and Dianping in 2015. He has also been involved in investments in prominent Chinese companies like Nio and Li Auto.
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Meanwhile, China’s anti-graft watchdog has initiated an investigation into a former senior executive at Bank of China for suspected violations. This move is part of a broader crackdown on financial misconduct led by President Xi Jinping. The financial sector in China has seen increased scrutiny, with recent cases involving high-profile figures like Wang Bin of China Life Insurance.
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