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

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China Renaissance, a top dealmaker in the country’s tech industry, said it would suspend trading of its shares and delay releasing its annual results because it still could not contact its founder.

Bao Fan, 52, started the boutique investment bank in 2005 and has been out of business since the middle. According to the company, February. China Renaissance’s shares have declined since Bao’s disappearance, at one point falling as much as 50%.

China Renaissance said in late February that it had learned that Bao was “cooperating with investigations” being conducted by some authorities in the country. It did not give any other details.

Chinese media have reported that Bao may assist in an investigation involving 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 reports due to Bao’s absence. The board was also unable to give an estimate on when it would be able to approve its audited results for 2022 or send in its annual report by the April 30 deadline as required by Hong Kong’s listing rules.

As a result, trading in the company’s shares was suspended from Monday.

Bao is known as an experienced dealmaker Which works closely with China’s top technology companies. He helped broker a 2015 merger between Meituan and Dianping, the country’s two leading food delivery services. Today, the combined company’s “super app” platform is ubiquitous in China.

His team has also invested in US-listed Chinese electric vehicle makers Nio (NIO) and Li Auto and helped Chinese internet giants Baidu (BIDU) and JD.com (JD) complete their secondary listings in Hong Kong.

Over the weekend, China’s top anti-corruption watchdog launched an investigation into former party secretary and chairman Liu Liangge. The Bank of China, according to a statement from the Central Discipline Inspection Commission and the State Supervision Commission. The bank is state-owned and one of the four largest lenders in the country.

The statement said Liu was suspected of “serious violations of discipline and law.” He is one of the most senior financial officials targeted in a sweeping crackdown by President Xi Jinping.

In January, Wang Bin, former party chief and chairman of China Life Insurance, was charged by national-level prosecutors with bribery and concealment of foreign savings.

—Michelle Toh contributed reporting.