Hong Kong
CNN
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China Renaissance, a top dealmaker in the country’s technical industry, said it would suspend its shares trade and delay the release of its annual results as it may not still be in touch with its founder.
The 52 -year -old Bao Fan introduced the Boutique Investment Bank in 2005 and is unattainable from the middle. February, according to the company. Bau has gone missing in China’s Renaissance shares, falling up to 50%at one point.
China’s Renaissance said at the end of February that it had learned that the BAO was “cooperating with an investigation” by some officials in the country. It did not give any other details.
Chinese media has reported that BAO China can assist in an investigation related to a former executive in the Renaissance.
In a filing on Sunday, China’s Renaissance stated that the audits cannot complete their work or sign their report due to the absence of BO. The board was not able to give an estimate about when it would be able to approve its audited results for 2022 or send its annual report by the listing rules of Hong Kong to the time limit of April 30.
As a result, trading in the company’s shares was suspended from Monday.
Bao is known as an experienced dealemker Who works closely with top technology companies in China. He assisted the broker in the 2015 merger between the country’s two major food distribution services, Mituan and Dyping. Today, the “Super App” platform of the joint company is omnipresent in China.
His team has also invested in the US-listed Chinese electric vehicle manufacturer Nio (NIO) and Li Auto and Chinese Internet giant Baidu (Bidu) and JD.com (JD) have helped to complete their secondary listing in Hong Kong.
In the weekend, China’s top anti-anti-Watchdog began an investigation into former party secretary and chairman Liu Langase. Bank of China, according to a statement by the Central Commission of the Central Discipline Inspection and State Supervision Commission. The bank is owned by the state and one of the four biggest lenders in the country.
The statement said that Liu suspects “serious violation of discipline and law”. He is one of the most senior financial authorities targeted in comprehensive financial action by President Xi Jinping.
In January, Wang bin, former party chief and president of China Life Insurance, was accused of taking bribe by national level prosecutors and hiding foreign savings.
– Mitchell Toh contributed to reporting.
