China Renaissance suspends trading, delays results after founder’s disappearance | CNN Business

Chinese Investment Bank China Renaissance Halts Trading Amid Founder's Disappearance

The Hong Kong-listed boutique investment bank China Renaissance has suspended trading of its shares and delayed the release of its annual results due to the unavailability of its founder, Bao Fan. The 52-year-old entrepreneur, who started the company in 2005, went missing in mid-February, sparking a plunge in the company's shares that fell as much as 50% at one point.

Bao was reported to be "cooperating with an investigation" by certain authorities in China before his disappearance. However, Chinese media have now suggested that he might be assisting in an investigation related to a former executive at China Renaissance. The company has not provided further information on the nature of the investigation or Bao's current whereabouts.

China Renaissance stated in a filing that auditors were unable to complete their work due to Bao's absence and that the board was also unable to provide an estimate for when it would be able to approve its audited results. The company's annual report was due by April 30, but this deadline has been pushed back indefinitely.

Bao is known as a veteran dealmaker who has worked closely with top technology companies in China. He has played a significant role in brokering deals for companies such as Meituan and Dianping, and his team has invested in US-listed Chinese electric vehicle makers Nio (NIO) and Li Auto.

The disappearance of Bao and the subsequent halt in trading have raised concerns about the stability of China Renaissance's operations. The company's shares are highly dependent on Bao's expertise and network, which has been a key factor in its success.

So Bao Fan's MIA and his investment bank is toshing ! Shares dropped 50% in like one day? That's crazy talk! He was "cooperating with an investigation" or something, but what about now? Where is he?

Stats-wise, China Renaissance has been on a downward trend since Bao vanished. Here are the numbers:
- Share price dropped from HK$14.8 to HK$7.3 (50% decline)
- Market value decreased by 45% in 1 month
- Net profit margins shrunk to -16.2% in Q4 2023

And did you know? China Renaissance has a debt-to-equity ratio of 0.82, which is way too high . Bao's team has been investing in some big players like Nio (NIO) and Li Auto, but without him, it's like trying to run a business with one leg tied behind your back .

Anyway, the company's annual report was due by April 30th... guess what? That deadline is now a nice little " Forever" .

omg what's going on with china renaissance?? their founder bao fan just vanished and now they're halting trading and delaying results... it's like the whole company is being held hostage . i mean i know bao was a vet dealmaker but this is ridiculous. he's been missing for weeks and the authorities are still tightlipped about what's going on. 50% drop in shares already? this is a huge red flag for me. china renaissance relies so heavily on bao's expertise and network... if something happens to him, it's like the whole thing comes crashing down . i'm all for due diligence but this is getting out of hand .

[Image of Grumpy Cat with a thought bubble saying "I don't trust anyone with a disappearance" ]

Investors got caught up in a wild goose chase... and then BAM! [Animated GIF of a stock market graph plummeting]

Who needs audited results when you can just have a founder drama fest? [Image of a "Meh" emoji with a red circle around it, captioned "Investors: shrug"]

Stability? What's stability in the world of Chinese investments? [GIF of a seesaw tipping over]

Bao Fan was like the Oracle of Delphi... until he vanished into thin air [Image of a "Lost" poster with Bao's face on it]

This is super worrying. I mean, who goes missing in mid-February and then just disappears? It's like something out of a movie And to think that the founder of a major investment bank is involved in an investigation... it's getting pretty murky. China Renaissance was doing alright too, but now they're stuck because their leader isn't around. It's crazy how much his personal life affects the company's success

I'm literally shook ... no, wait, I don't think that's how it works at all... like, what if this is just some major PR stunt to keep the shares from tanking? Maybe Bao faked his own disappearance and is now living large in a secluded cabin somewhere, sipping champagne . On the other hand, considering his connections with top tech companies, I'm also thinking it's super suspicious that he "cooperated" with an investigation before disappearing... but what if he was actually being blackmailed by someone from China Renaissance and had to leave town for his own protection? I don't know, man, my mind is all over the place . One thing's for sure though - this whole situation has got me questioning everything about China Renaissance and their business practices... or maybe not?

man... this is like something outta a thriller movie ! china renaissance being suspended due to their founder just vanishing into thin air is wild . it's like they say - you can't take the money out of china without taking the risk too . bao fan's disappearance raises so many questions, like what's he even involved in now? is this some deep-state politics or something? and what about all those tech companies he hooked up with? are they involved somehow? meanwhile, shareholders are just sitting there, waiting for answers... it's like a ticking time bomb .

omg, this is so concerning ... i mean, who expects their founder to just disappear without a word? it's like, what's going on with the authorities over there? are they really investigating something related to an ex-executive? and now the company can't even release its annual results? that's, like, super bad for shareholders ... i feel bad for Bao's team, he's basically the face of the company. without him, it's all just a mess . hope he's okay, and whoever is behind this investigation gets to the bottom of things

omg what's going on with this Chinese investment bank china renaissance they just stopped trading and delayed their annual results because the founder bao fan went missing like 2 weeks ago? I don't get why he had to disappear now, doesn't everyone know about these kinds of investigations already? anyway it sounds really bad for the company's shares which dropped by 50% already, that's crazy! how can they afford to just stop trading and delay their results like what happens to people who can't pay their bills?

omg what's going on with china renaissance?! they were doing so well until bao van just vanished into thin air... like 50% drop in shares is crazy i mean i know chinese media was saying he was cooperating with an investigation but now it sounds like there might be some shady stuff going down maybe the former exec he was allegedly helping? idk but this is getting too weird for me and what about bao himself tho? did anyone even see him last?! i'm lowkey worried about china renaissance now... will they ever get their finances back on track again?

OMG, what's going on with this Chinese investment bank? I mean, 50% drop in shares is crazy! I can understand why they'd want to halt trading - their founder's disappearance is super suspicious . I'm trying to follow what's happening but it's like trying to read between the lines... Is he involved in an investigation or just missing and needed some time? His role in brokering deals for Meituan and Dianping is impressive, no doubt about that . But how did this affect his work? Was there a problem with one of these deals or what?

This is a classic case of crony capitalism going haywire! I mean, think about it - a single person makes a company successful, and now that he's gone missing, the whole thing comes crashing down? It's like they say: "who's behind the curtain?" You've got this mysterious investigation involving Bao's cooperation with authorities, and suddenly his whereabouts are unknown. Sounds fishy to me!

And what about all these top tech companies that are tied up with China Renaissance? Meituan, Dianping, Nio... they're all big players in the Chinese market. You've got to wonder: what's really going on here? Is this just a simple case of bad luck or is there more to it? The fact that Bao's team has invested in US-listed electric vehicle makers only raises more questions - are we talking about some kind of government-backed cover-up?

The Hong Kong stock market isn't exactly known for its transparency, but this one takes the cake. I mean, who needs audited results when you've got a missing founder and a mysterious investigation? It's like they're saying: "don't worry about the numbers, just trust us!" But we all know how that works out...

omg u wont bliev what happend to china renaissance their founder bao fan just disappeared and now theyre halted trading lol what a mess his team is super clueless dont no how to deal w/ this situation read more here: https://www.bloomberg.com/news/arti...ce-halts-trading-amid-founder-s-disappearance

I'm seeing this coming for ages now. Like, who doesn't know that Bao Fan is like super connected in the right circles? He was always making moves behind the scenes, you feel? The guy's like a ghost investor or something. But seriously, this is a major red flag for China Renaissance. If they can't even get their audited results done without Bao, that's just not good enough. It's gonna be tough to recover from this. They need to get some fresh blood in there and figure out who else is behind the scenes making deals happen. This isn't over yet...

I'm literally worried sick about this guy, what's going on? 50% drop in shares is insane! He was like the heartbeat of that company, you know? His disappearance is like a domino effect, everything is getting messed up. I guess it's true what they say, 'connect the dots'... his network and expertise were so key to China Renaissance's success... now who's gonna pick up the pieces?

And can we talk about how quickly things escalated? Like, he was cooperating with an investigation one minute, and then poof! Gone. It's like there are some serious skeletons in that closet. Anyway, I hope they find out what's going on soon, and Bao is safe... his family and friends must be freaking out

I don’t usually comment but... this is some crazy stuff going on with China Renaissance . I mean, their founder just disappears out of the blue and now they're halting trading? It's like something from a bad movie, you know? And it's not just that - the company's shares have taken a huge hit because of it too .

I don’t get why Bao Fan would just vanish like this, especially if he was "cooperating with an investigation". Is there more to it than what we're being told? It feels kinda suspicious . And now the company's annual results are delayed... who knows what other issues they've got cooking in the background?

I guess you could say that China Renaissance's stability is pretty much hanging by a thread right now . If Bao isn't around to, like, make deals and stuff, how are they supposed to keep running? It's a bit of a mystery, but one thing's for sure - this ain't good for anyone involved

omg can u believe what's happenin with china renaissance ??! they went from being one of the hottest investment banks in hong kong to being basically worthless bc their founder bao fan just vanished . i mean, i know he was involved in some shady stuff before but 50% drop in shares is crazy . and now they're like unable to even finish their annual report because of him? that's just wild . bao was basically the king of hong kong finance scene for years and now his disappearance has brought the whole thing crashing down

This is super bad news for China Renaissance and their investors . I mean, who wants to invest in a company when the founder goes missing? It's like the company is just... vanished into thin air . And with the share price dropping by 50% or more, it's like a punch to the gut . The fact that Bao was "cooperating with an investigation" before he disappeared is kinda suspicious . I mean, what kind of investigation would make someone go into hiding? And now the company is just delaying their results and not telling us anything... it's super frustrating .

I also worry about the stability of the company. Like, who else can they trust to make deals and stuff? Bao was a major part of that . It's gonna be tough for them to recover from this . I hope they can figure out what's going on and get their act together soon . But until then, it's anyone's guess what'll happen next .

This is so shady... I mean, I get it if someone needs to cooperate with an investigation or whatever, but not just disappear like that! It's crazy how this is affecting the whole company - I'm sure Bao's expertise and connections are huge parts of China Renaissance's success, so now they're basically grounded until he shows up. Like in "Ocean's Eleven" when all those thieves get caught up in their own mess And what about the former executive? Is it just a coincidence that this investigation is happening now? I'm also thinking of that movie "Argo" where people go to great lengths to protect sensitive info... did Bao just take himself out of the picture? The world needs answers on what's really going on here!

this is getting crazy! like, what even happened to bao? one sec he was cooperating with authorities and now poof! missing. i'm really worried about china renaissance atm. if bao's gone for good, who's gonna handle these huge deals that are making them all the cash? it's so not a good look for their investors either...