Founder’s disappearance prompts China Renaissance to halt trading and postpone earnings release

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China Renaissance, a key player in the country’s tech industry, has made headlines recently as it announced the suspension of trading of its shares and the delay in the release of its annual results due to the unavailability of its founder. Bao Fan, who founded the boutique investment bank in 2005, has been unreachable since mid-February, causing shares in China Renaissance to plummet by as much as 50%.

The company revealed in late February that Bao was involved in an investigation by certain authorities, without providing further details. Reports suggest that the investigation may be related to a former executive at China Renaissance. As a result of Bao’s absence, auditors could not complete their work, and the board is unable to provide a timeline for the approval of audited results for 2022.

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Bao Fan, known for his expertise as a veteran dealmaker, has played a significant role in various high-profile deals in China’s tech sector. From brokering the merger of Meituan and Dianping to assisting in the listings of companies like Nio, Li Auto, Baidu, and JD.com, his contribution to the industry has been substantial.

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