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China Renaissance, a top dealmaker in the country’s tech industry, has announced that it will suspend trading of its shares and delay the release of its annual results due to its founder being unreachable. Bao Fan, the founder of the boutique investment bank, has been missing since the middle of February, causing shares in China Renaissance to plummet significantly.
China Renaissance revealed in late February that Bao was involved in an investigation by certain authorities in the country, leading to speculation that it might be related to a former executive at the company. Consequently, auditors have been unable to complete their work or provide a report, hindering the board from meeting the necessary deadline to dispatch its annual report by April 30.
Bao Fan is recognized as a veteran dealmaker in the tech industry, having played a key role in major mergers and investments with top technology companies in China. However, his absence has created uncertainty for China Renaissance and has resulted in trading of the company’s shares being suspended.
In a separate development, China’s top anti-graft watchdog has initiated an investigation into Liu Liange, the former party secretary and chairman of Bank of China, for alleged “serious violations of discipline and law.” This move is part of a broader financial crackdown led by President Xi Jinping, targeting senior financial executives in the country.
Amidst these challenges faced by China Renaissance and other financial institutions in China, it underscores the importance of having reliable tech support and immediate tech help to ensure the seamless operations and security of businesses. By partnering with a trusted provider like Tech911.co, businesses can access expert remote tech support and customer service to address any IT issues promptly and effectively. Contact us today for instant tech assistance tailored to your business needs.