(News Bulletin 247) – The investment bank China Renaissance, whose founder is missing, cannot publish its annual results in his absence. Without accounts to produce, the course of the Chinese bank is suspended from listing on the Hong Kong Stock Exchange.
Chinese private investment bank China Renaissance, whose sudden death of the founder was widely publicized in February, is unable to publish its annual results, which leads to the suspension of its listing on the stock exchange, the company announced .
China Renaissance specializes in investments in tech, a sector affected in recent years by a regulatory tightening of the authorities, which has caused Internet companies to lose billions of dollars of capitalization in China.
The group was founded by Bao Fan, a prominent Chinese businessman who has been unreachable since February but who is “cooperating” with authorities in an investigation, according to China Renaissance. In his absence, the company is “unable” to complete the audit of the accounts and sign the report on its 2022 annual results, China Renaissance said in a statement on Sunday.
Failure to publish the company’s accounts results in the immediate suspension of its listing on the Hong Kong Stock Exchange where China Renaissance is listed. The group had indicated on February 16 not to be “able to contact (its CEO) Bao Fan”.
The financial sector in the hands of the Chinese authorities
The disappearance of the 52-year-old businessman raises fears of a new wave of takeover of the financial sector by the Chinese authorities. Chinese President Xi Jinping has led a crusade against corruption in recent years, which has landed many business leaders in prison, particularly in the financial and new technology sectors.
In 2017, Chinese-Canadian tycoon Xiao Jianhua disappeared from a hotel in Hong Kong. Reputed to be close to certain figures in power, the businessman had been kidnapped by Beijing agents, according to press reports at the time.
Mr. Xiao was at the time of his arrest one of the richest men in China, with an estimated fortune of $6 billion. He was finally sentenced last year to 13 years in prison for fraud.
(With AFP)
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