China's top dealmaker in the tech industry, Bao Fan, has been unreachable since mid-February and his boutique investment bank, China Renaissance, has suspended trading of its shares. The move comes after the company delayed releasing its annual results due to being unable to get in touch with its founder.
Bao, 52, started China Renaissance in 2005 and has worked closely with top technology companies in China. He is known for his role in brokering the merger between Meituan and Dianping in 2015, as well as other high-profile investments in Chinese electric vehicle makers Nio and Li Auto.
The company's shares have plummeted since Bao went missing, dropping by as much as 50% at one point. China Renaissance cited a lack of communication from its founder as the reason for the delay in releasing its annual results.
Chinese media have reported that Bao may be assisting in an investigation related to a former executive at China Renaissance. The company's board was unable to sign off on its audited results for 2022 due to Bao's absence, and trading in its shares has been suspended as a result.
The development comes amid a broader crackdown on financial corruption in China under President Xi Jinping. Other high-ranking officials have recently faced charges related to taking bribes or hiding overseas savings.
Bao is considered a veteran dealmaker with close ties to top technology companies in China. His team has also invested in US-listed Chinese electric vehicle makers Nio and Li Auto, as well as Chinese internet giants Baidu and JD.com.
Bao, 52, started China Renaissance in 2005 and has worked closely with top technology companies in China. He is known for his role in brokering the merger between Meituan and Dianping in 2015, as well as other high-profile investments in Chinese electric vehicle makers Nio and Li Auto.
The company's shares have plummeted since Bao went missing, dropping by as much as 50% at one point. China Renaissance cited a lack of communication from its founder as the reason for the delay in releasing its annual results.
Chinese media have reported that Bao may be assisting in an investigation related to a former executive at China Renaissance. The company's board was unable to sign off on its audited results for 2022 due to Bao's absence, and trading in its shares has been suspended as a result.
The development comes amid a broader crackdown on financial corruption in China under President Xi Jinping. Other high-ranking officials have recently faced charges related to taking bribes or hiding overseas savings.
Bao is considered a veteran dealmaker with close ties to top technology companies in China. His team has also invested in US-listed Chinese electric vehicle makers Nio and Li Auto, as well as Chinese internet giants Baidu and JD.com.
I'm getting some major red flags here... So, Bao Fan, this big shot dealmaker from China, just suddenly disappears in mid-February? That's like, super weird. And his company, China Renaissance, is all but dead on the stock market because of it. The shares have tanked like 50% at one point 
It's gotta be an interesting case, considering all his high-profile investments and connections.
i'm not saying bao is innocent or anything, but a lack of communication from the founder just isn't good enough for china renissance... it's like they're covering something up 
, but something doesn't feel right about this whole thing. Maybe we'll get more info soon, or maybe it'll all blow over in a few months... who knows?
... China Renaissance just suspended trading of its shares because their founder went missing? that's wild! 50% drop in value already? 
what if he's involved in some shady stuff? maybe it's true about him assisting an investigation 
. Xi Jinping's crackdown on financial corruption is one thing, but this feels like something more sinister going on 
. gotta keep an eye on this one 
.
. It's all super confusing, but one thing is for sure – China Renaissance is not having a good year right now 
and China Renaissance can't release audited results? 
Was it just a coincidence that Bao went MIA right when there's a big crackdown on financial corruption in China? 
Maybe someone needs to dig deeper... 
i'm low-key freaking out about this 