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China Renaissance, a leading dealmaker in the tech industry, made an unexpected announcement that it would halt trading of its shares and postpone the release of its annual results due to the unavailability of its founder.
Despite efforts, Bao Fan, the founder who established the boutique investment bank in 2005, has been unreachable since mid-February, causing a significant drop in China Renaissance’s shares by up to 50%.
Speculations arise as reports suggest Bao might be involved in an investigation linked to a former executive of the company. Consequently, auditors were unable to complete their tasks, leading to the suspension of trading in the company’s shares.
Bao, a renowned dealmaker, is recognized for his collaborations with top technology firms in China, facilitating significant mergers and investments in the tech industry. His absence has put a halt on the company’s operations, leaving investors and stakeholders in limbo.
In a similar vein, China’s anti-graft watchdog has initiated an investigation into another high-profile financial figure, underscoring the intensified scrutiny on financial executives in the current landscape.
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