Hong Kong
CNN
–
China Renaissance, a top dealmaker in the country’s tech industry, said it has suspended the sale of its shares and delayed the release of annual results because it has yet to contact its founder.
Bao Fan, 52, started Boutique Investment Bank in 2005 and has not been reached since the middle of February, according to the company. Shares of China Renaissance have fallen since Bao disappeared, at one point dropping as much as 50%.
China Renaissance said in late February that it was aware that Bao was “cooperating with an investigation” carried out by some of the country’s authorities. It has no details.
The Chinese media has reported Bao may assist in an investigation related to a former executive of China Renaissance.
In a filing on Sunday, China Renaissance said auditors could not complete their work or sign off on their report because of Bao’s absence. The Board also could not give an estimate of when the results of the 2022 affitch will be approved or send the annual report by an April 30 deadline required by Hong Kong rules.
Trading in the company’s shares has been suspended from Monday as a result.
Bao is known as a Veteran Dealmaker which works closely with key Chinese technology companies. He helped broker the 2015 merger between two of the country’s leading food delivery services, Meituan and Dianping. Today, the Company’s integrated “Super App” platform is ubiquitous in China.
His team also invested in China’s listed electric car maker Nio
(NIO) and LI Auto and helped the Internet Internet Giantu
(BIDU) and jd.com
(JD) Complete their secondary listings in Hong Kong.
Over the weekend, China’s top anti-graft watchdog launched an investigation into Liu Liange, former party secretary and chairman of the Bank of China, according to a statement through the central commission for discipline inspection and the State Management Commission. The bank is state-owned and one of the four largest lenders.
Liu is suspected of “serious violations of discipline and law,” the statement said. He is one of the most senior financial executives to be targeted in a broader financial crackdown by President Xi Jinping.
In January, Wang bin, former Party chief and Chairman of China’s lifetime, counted through national-level prosecutors with bribes and hiding in storage abroad.
– Michelle Toh prompted the report.