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News about #BaoFan:
— Inconvenient Truths by Jennifer Zeng 曾錚真言 (@jenniferzeng97) February 27, 2023
China Renaissance Holdings says that its missing chairman and star deal-maker Bao Fan is currently cooperating with relevant Chinese authorities conducting an investigation.
Obviously, it is not too safe to become a billionaire in #CCPChina. #XiJinping vows… https://t.co/3u9cNuhSzE
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We were both involved w Asiainfo, the first NASDAQ listed CN tech co. I did first round of it and Fan was subsequently its CFO. He financed many startups at Asiainfo and then went independent and started China Renaissance. WHY was he disappeared? As my ex’s case, we can only
— Desmond Shum (@DesmondShum) February 17, 2023
He maybe tugged in because CCP is going after certain bureaucrats. 2. CCP wants the in and outs of all the back room deals, and there are many in tech industry. Not because they are going after particular bureaucrats, but because they are fishing for knowledge they can use either
— Desmond Shum (@DesmondShum) February 17, 2023
depends on how CCP executes ex post. IMPLICATIONS: 1. All venture capitalists will stay offshore. Because anyone of significance knows Fan. No one know where this will spread. 2. A major blow to investment into CN tech industry. If you are an investor, you want to hold
— Desmond Shum (@DesmondShum) February 17, 2023
of entrepreneurs. We were believers in CN. We did our best to navigate CN system of the decades before Xi. Xi changed rules of the game mid course and we become sacrifices. I think this entire generation of us felt betrayed. Our generation is probably the generation
— Desmond Shum (@DesmondShum) February 17, 2023
vision is to have CCP rule over this 15% of humanity forever. 3. Another maxim of mine, Xi always manage to make the worst strategic choice. Didn’t he send signals that he want to rejuvenate CN economy? Didn’t he say he supports private entrepreneurs? Didn’t he say the focus
— Desmond Shum (@DesmondShum) February 17, 2023
Yup. Absolute bombshell in China’s tech/venture circles. Guess it had blown their sense of knowing what is or is not “safe” under the CCP rule. Its impact on market and more importantly the larger economy will show, soon.
— DSSNT (@DSSNTb) February 17, 2023
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weehingthong 