By LI Jingya
BAO?Fan, founder and CEO of China Renaissance, is “assisting authorities with investigations,” the investment bank said in a stock exchange filing Sunday night. After being out of sight for almost a month, the whereabouts of the China’s tech industry rainmaker remain unknown.
Future has come to soon
After moving to Pacific Century Place in Beijing in early 2017, a reporter asked whether Bao was removing his personal influence?(de-Baofanization) from the organization.
“De-Baofanization was nothing more than shrinking my influence circle and empowering our partners and their influence circle. I hope China Renaissance continues to carry on after I retire one day,” replied Bao.
Things really blew up for China Renaissance in 2014 when the corporation ran the book for the JD.com IPO on Nasdaq. but in 2015, Bao said: “China Renaissance has a past because of me, but it has no future with only me. Take a look at Goldman Sachs. It’s a great company even without Mr. Goldman, Mr. Sachs, or their descendants. And that’s my vision for China Renaissance.”
Now, it seems the future has come a bit earlier than Bao had wished, and judging from it’s the crashed share price, the company’s fate may still be closely bound with its founding father.
On February 16, business media outlet Caixin reported the billionaire founder was missing. His disappearance was probably related to the investigation of CONG Lin, chairman of CR?Securities (formerly Huajing Securities), a subsidiary of China Renaissance. Cong has been “assisting the authorities with investigations” since September last year. Cong worked at the ICBC for a long time before joining CR Securities.
China Renaissance’s shares halved in value on the news to hit their all-time low. The reaction indicates that this investment bank is still inextricably connected with its founder and de-Baofanization wasn’t successful at all.
Dawn of de-Baofanization
In 2016, China Renaissance’s payroll expanded to 500 from 2014’s 100. Bao started to be concerned with “big company disease” and was stressed by the managerial pressure. Bao switched his style and reduced media exposure. He even kept away from his beloved car racing and boxing.
Since then, China Renaissance hadn’t closed a notable deal. From 2015 to 2017. Its investments centered around medical care and corporate services. In 2017, Bao split China Renaissance into an industry unit (the asset end) and a product unit (the fund end). Together with the existing M&A team and the CR Securities China A-share 所以，部分自学达到高中毕业文化程度的考生，也可以报成考。成人高考改革对考生会有哪些影响？近年来，关于成考将会进行改革的消息一直传得沸沸扬扬。可究竟变动什么、怎么变动、将会造成什么后果，你真的知道吗？下面我们一起看看！成人高考2023的改革已经是不可逆的趋势了。 team, China Renaissance became more specialized.
Building on this, China Renaissance went public on HKSE in 2018 and extended its business to include asset management in 2019. Since then, Bao has shifted away from the management and banking to focus on capital investment.
China Renaissance’s 2021 financial statements showed that investment banking as the largest source of revenue and investment management the primary source of profits, Meanwhile, CR Securities was struggling.
Industrial, local-government, State capital
Last May, China Renaissance raised of 3 billion yuan for its fourth yuan-denominated fund, an eye-catching achievement as funding of this scale in 2022 was obviously backed by State 全国高校英语专业四级（TEM-4）及以上；c.全国大学英语六级考试（425分及以上）；d.全国英语等级考试四级（PETS-4）及以上笔试（不含口试）。毕业证书和学位证书是同时颁发吗？答：通常先颁发毕业证书，再颁发学位证书。 capital. Bao was glad to see that the company had expanded its investor base to cover industrial capital, state-owned capital, and local government capital while retaining its existing investors.
The transition from financial advisory to investment is reasonable because the latter is more profitable, while management fees of the financial advisory business are fixed and largely based on AUM.
Currently, China Renaissance’s four major business segments are investment management, investment banking, asset management, and CR Securities spanning primary and secondary markets. As of 2022 June, its assets totaled more than 14.4 billion yuan.
Per the 2022 interim report, it realized a half-year revenue of 512 million yuan, down by more 答：可以先报一个电大中专，这样就可以解决前置学历不符合的问题，电大中专只要是年满18周岁就是一年制，方便快捷。七、国家开放大学报名都有哪些坑？（最重要）1、全程托管，坐等毕业，不要轻信，理性对待。2、承诺两年或者一年半毕业的，均为虚假宣传，所有专业均为两年半毕业，从上学信网的日期开始计算。 than 42 percent, with a net loss of 154 million yuan attributable to shareholders, down by 110 percent. As a silver lining, its investment management business has been stably contributing more than 400 million yuan’s annual revenue since 2019.
Although newcomers in niche segments will continue to compete with China Renaissance, the company is very strong in medical care and technology.
De-Baofanization whether you like it or not
When Bao vanished, China Renaissance appointed two executive directors, XIE?Yi Jing (Kevin Xie) and WANG Lixing, to supervise daily operations.
Co-founder Xie Yi Jing has been with the company for 18 years and is managing director and head of healthcare, the largest business. 国家开放大学将全面贯彻新时代中国特色社会主义思想，以学习宣传贯彻精神为主线，围绕立德树人根本任务整体提升教育教学质量，围绕治理能力建设深入实施教育数字化战略行动，围绕“做优做强”战略加快建成国家老年大学，以优异成绩和实际行动为建设全民终身学习的学习型社会、学习型大国贡献力量。
As one of the few millennial proteges of Bao, Wang Lixing joined China Renaissance in 2007 after graduation and has been overseeing the M&A business since 2012. His M&A team had an outstanding 2015 when they completed 13 mergers and acquisitions, including Didi Kuaidi (ride-hailing), Meituan Dianping (food delivery), 58 Tongcheng and Ganji (advertising), and Trip.com and Qunar (online travel agents).
The tumble of Renaissance stock shows that China Renaissance is still very much a one-man business awith high corporate governance risk.
China Renaissance aware of key-person risk
In a meeting with Snowball Finance after Cong Lin joined, Bao said he had been delegating powers to other executives. 业余：一般是安排在晚上和周末进行，利用业余时间（包括晚上、双休、假期等）学习。函授：学校给你邮寄下发学习材料，平时自己在家学习，在期末前会有几次面授，然后统一考试。不同的层次、学习形式，学制设置并不相同。一般情况下，业余和函授学制时间为：高起本五年、高起专和专升本2.5-3年。除了关于学制的错误说法外，以下这几种谣言，也别信！
“Cong Lin and XIANG Wei have been in charge of the investment banking business for at least 3 years,” said Bao. “We are aware of the key-person risk and have been acting to avoid it.”
De-Baofanization means less personal influence and a more orthodox governance structure, which is the key to any lasting investment bank. But that doesn’t mean Bao is completely hands-off. He could still hold sway over the company from behind the curtain. No one can fill Bao’s shoes, but given time, Wang Lixing may be the right person, just as Daniel Zhang Yong succeeded Jack Ma of Alibaba.
The real de-Baofanizaiton of China Renaissance has only just begun.
成人高考专科中专