Bao Fan, the founder of boutique investment bank China Renaissance Holdings, has been released after more than two years in detention, according to a person with knowledge of the matter. The high-profile dealmaker went missing in February 2023, causing the company's share price to plunge.
Bao was one of several prominent figures in China's finance industry to disappear amid President Xi Jinping's anti-corruption campaign. His release comes as Beijing seeks to boost business confidence, particularly among tech entrepreneurs who have faced a years-long crackdown.
China Renaissance's shares jumped 17% on Friday to close at HK$6.87 before the news became public. The bank had suspended trading in April 2023 after delaying its audited annual results due to Bao's detention.
Bao, previously at Credit Suisse and Morgan Stanley, was involved in major deals including the mergers of Didi and Kuaidi, Meituan and Dianping, and Ctrip and Qunar. Authorities have not provided an explanation for his detention.
Christopher Beddor, deputy China research director at Gavekal Dragonomics, called the release a positive signal but noted that the anti-corruption campaign continues to affect the financial sector. China Renaissance has undergone leadership changes, with Bao's wife Hui Yin Ching appointed chair in October.
