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China Renaissance, a top dealmaker in the country’s tech industry, recently announced that it would suspend trading of its shares and delay the release of its annual results due to the unavailability of its founder, Bao Fan. Bao, who started the boutique investment bank in 2005, has been unreachable since the middle of February. This has resulted in a significant decline in the company’s shares by as much as 50%.
In late February, China Renaissance mentioned that Bao was cooperating in an investigation carried out by certain authorities in the country, although no further details were provided. Reports from Chinese media suggest that Bao might be involved in an investigation related to a former executive at China Renaissance.
As a leading managed service provider specializing in tech assistance and remote tech support, we understand the importance of seamless operations. Unfortunately, China Renaissance stated in a filing that auditors were unable to complete their work or sign off on their report due to Bao’s absence. This has led to a delay in approving the audited results for 2022 and dispatching the annual report as per the deadline required by Hong Kong’s listing rules, resulting in the suspension of trading in the company’s shares.
Bao is well-known for his work with top technology companies in China, facilitating major deals such as the merger between Meituan and Dianping in 2015. His team has also played a significant role in investments in US-listed Chinese electric vehicle makers Nio and Li Auto, as well as assisting companies like Baidu and JD.com with their secondary listings in Hong Kong.
In recent developments, China’s anti-graft watchdog has initiated an investigation into Liu Liange, former party secretary and chairman of Bank of China, for suspected serious violations of discipline and law. This move is part of a broader financial crackdown by President Xi Jinping, following the charges brought against Wang Bin, former party chief and chairman of China Life Insurance, in January.
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