China Renaissance suspends trading, delays results after founder Bao Fan goes missing

Hong Kong
Cnn
–

China Renaissance, the best dealer in the country’s technology industry, said that she would suspend the trade of her shares and delay the publication of their annual results because she still hasn’t contacted her founder.

52 -year -old Bao Fan started Boutique Investment Bank in 2005 and has not been accessed since the middle February, according to the company. Since Bao’s disappearance, the stocks in the Chinese Renaissance fell, and at some point up to 50%.

China Renaissance said that in late February, BAO was carried out by certain officials in the country. He didn’t give any other details.

There is Chinese media reported Bao can help an investigation into a Chinese Renaissance for an old ruler.

In an application on Sunday, China Renaissance said that the auditors could not complete their work due to the absence of Bao or that they could not sign in their reports. The Board also could not give an estimate of when he could approve the supervised results for 2022 or send his annual report until April 30, as required by Hong Kong’s listing rules.

As a result, the company’s shares were suspended on Monday.

BAO is known as a senior dealer It is close to the best technology companies in China. The country’s leading food distribution services helped the 2015 merger between Meituan and Dianping. Today, the combined company’s “Super Application” platform is located everywhere in China.

The team also invested in NIO of Chinese electric vehicle manufacturers listed in the USA

(Nio) and Li Auto and China helped internet giants Baidu

(BIDU) and jd.com

(JD) Complete the secondary lists in Hong Kong.

At the weekend, China’s best anti -graffiti guard, former party secretary and president Liu Liange launched an investigation. China Bank, A statement By the Central Disciplinary Supervision Commission and the State Supervisory Commission. The bank belongs to the state and is one of the four largest lenders in the country.

Liu, “serious violations of discipline and law” are suspected. President Xi Jinping is one of the top financial managers aiming at a wider financial pressure.

In January, former Party Chief and Chinese Life Insurance President Wang Bin loaded To take bribes by prosecutors at the national level and hide overseas savings.

– Michelle contributed to seed reporting.