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In the latest update from China, China Renaissance, a prominent player in the tech industry, has announced the suspension of trading of its shares and the delay of its annual results due to the unavailability of its founder, Bao Fan. Bao, who founded the boutique investment bank in 2005, has been out of reach since mid-February, causing shares in China Renaissance to plummet by as much as 50%.
China Renaissance indicated that Bao was reportedly assisting in an investigation by authorities, leading to uncertainty surrounding the company’s operations. The auditors were unable to complete their work or finalize their reports without Bao’s presence, resulting in the delay of the company’s annual report by the April 30 deadline.
Trading in China Renaissance shares has been halted, awaiting further developments. Bao, a respected dealmaker, has been instrumental in major deals involving top technology companies in China, including facilitating mergers and listings of prominent firms.
In a related development, the top anti-graft watchdog in China has initiated an investigation into a former official of the Bank of China, underscoring the ongoing regulatory environment in the financial sector.
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