Hong Kong-based China Renaissance, a prominent player in the country's tech industry, has halted trading of its shares and delayed the release of its annual results due to the unavailability of its founder, Bao Fan.
Bao, 52, started the boutique investment bank in 2005 and was last seen in February. His disappearance led to a significant plunge in the company's shares, which plummeted as much as 50% since his disappearance. The exact circumstances surrounding Bao's absence remain unclear, with some reports suggesting he may be cooperating in an investigation by authorities.
In a recent filing, China Renaissance revealed that auditors were unable to complete their work or sign off on their report due to Bao's absence. This has left the board unable to provide an estimate for when its annual results would be approved or dispatched as required by Hong Kong's listing rules.
Bao is known for his close ties with top technology companies in China, having helped broker a merger between Meituan and Dianping in 2015 and investing in prominent Chinese electric vehicle makers such as Nio and Li Auto. His team has also assisted Chinese internet giants like Baidu and JD.com in completing their secondary listings.
The disappearance of Bao comes at a time when China is conducting a broader crackdown on financial corruption under President Xi Jinping's leadership. Other high-profile cases have recently emerged, including the investigation into former Bank of China chairman Liu Liange, who is suspected of "serious violations of discipline and law."
Bao, 52, started the boutique investment bank in 2005 and was last seen in February. His disappearance led to a significant plunge in the company's shares, which plummeted as much as 50% since his disappearance. The exact circumstances surrounding Bao's absence remain unclear, with some reports suggesting he may be cooperating in an investigation by authorities.
In a recent filing, China Renaissance revealed that auditors were unable to complete their work or sign off on their report due to Bao's absence. This has left the board unable to provide an estimate for when its annual results would be approved or dispatched as required by Hong Kong's listing rules.
Bao is known for his close ties with top technology companies in China, having helped broker a merger between Meituan and Dianping in 2015 and investing in prominent Chinese electric vehicle makers such as Nio and Li Auto. His team has also assisted Chinese internet giants like Baidu and JD.com in completing their secondary listings.
The disappearance of Bao comes at a time when China is conducting a broader crackdown on financial corruption under President Xi Jinping's leadership. Other high-profile cases have recently emerged, including the investigation into former Bank of China chairman Liu Liange, who is suspected of "serious violations of discipline and law."
he was like a tech legend in Hong Kong 2 yrs ago but now his company's shares are tanking crazy! 
i mean, 50% drop is insane! u would think someone so connected to the top tech companies in China wouldn't just vanish like that... what if it's not even a disappearance? 
maybe he's just hiding from some financial scandal? 
the whole situation is super mysterious 
anyway, hope Bao Fan turns up soon tho 
and its like totally messin up their share prices 50% drop since he disappeared. dont know wut happend to him but it looks bad for the company 
. they need his info to finish audit or somethin but cant get it from him lol 
and its not good for big corps like china renaissance 
. hope bao fan shows up soon or sumthin 
baidu, li auto, meituan... all these big names connected to bao fan... something fishy is going on in china 
This is crazy! Bao Fan gone missing 
and his company shares plummeting 50% 
. I mean, what's going on? Is he in trouble with the authorities 
The situation is super unclear 
. He was a big deal in the tech world 
, bro 
and everyone's wondering why he just vanished into thin air 
.
coming out now with Xi Jinping at the helm 
. Corruption is always a thing 
was huge, and now Bao Fan? 
. Was he in trouble with his buddies or something? 
The world is waiting for answers 
, but all we get are more questions 
, bro 
The tech industry in Hong Kong just hit a major roadblock thanks to the unavailability of its founder, Bao Fan. His disappearance has led to a 50% plunge in shares and a lot of uncertainty about the company's annual results. This is not an isolated incident, it seems like China's crackdown on financial corruption is having a ripple effect. It's interesting to see how Bao's close ties with top tech companies might come back to haunt him... or will they? 
And now the company's shares are tanking because he just vanished into thin air 
Did he maybe get in trouble with the authorities or something? 
He was like a major player in the Hong Kong tech scene for ages. Now his company's shares are tanking and nobody knows where he is... 
His connections to top tech companies in China are pretty impressive, but I guess that also means he's got some heavy responsibilities on his shoulders 
. It's crazy how everything is connected, and now there's this investigation going on... it's a lot to take in 
But honestly idk wut's goin on 
He even helped broker merger btw 
50% drop since he vanished... that's wild. i'm not saying i condone whatever happened to him or anything, but can't we just have a little more info on what's going on? it's like they're just dodging the question 
and that's only making things worse for China Renaissance. and now they're blaming auditors for not being able to do their job... seems like an easy way out if you ask me 
.
. But one thing's for sure, this is a major shake-up in the Hong Kong tech scene 