BEIJING, Aug 8 — Bao Fan, founder of investment bank China Renaissance Holdings, has been released more than two years after being taken away by authorities, Chinese media Caixin reported on Friday, citing unidentified sources.
Bao, a star dealmaker who went missing in February 2023, “has come out”, multiple sources told Caixin.
Bao, who previously worked at Credit Suisse and Morgan Stanley, was widely regarded as one of China’s best-connected bankers, having been involved in the mergers of several tech firms such as ride-hailing firms Didi and Kuaidi.
China Renaissance didn’t immediately respond to Reuters request for comment.
China Renaissance sent shockwaves through the country’s financial sector in 2023 when it announced it was unable to contact Bao, who founded the bank in 2005 with two other men and still owns nearly 49 per cent of the company’s issued shares.
Shares of Hong Kong-listed China Renaissance plunged as much as 72 per cent on the day it resumed trading in September last year, after a more than one-year suspension.
Xie Yi Jing, who co-founded China Renaissance, replaced Bao as chairman in February last year. Subsequently, Bao’s wife Hui Yin Ching was appointed as chairperson to lead the boutique investment bank in October, with changes in other senior management ranks as well.
Bao’s prolonged detention rattled professionals in China’s financial industry as Beijing dialled up its campaign to rein in the “lavish lifestyle” of the “financial elite”.
His release comes as Beijing recently stepped up efforts to boost business confidence, particularly among the country’s tech entrepreneurs, whose businesses suffered from a years-long crackdown.
China Renaissances shares jumped 17 per cent on Friday to close at HK$6.87 (RM3.71).
Sources have previously told Reuters that he was taken away to assist in an investigation into a former colleague.
A Chinese financial publication reported in May 2023 he was detained by disciplinary and supervision officials. Authorities have as yet not given any explanation. — Reuters
