Prominent Chinese financier Bao Fan freed after over two years in detention
Bao Fan, the influential founder of boutique investment bank China Renaissance Holdings, has been released more than two years after being taken into custody by Chinese authorities, a source with direct knowledge confirmed on Friday.
His disappearance in February 2023 sent shockwaves through China’s financial sector. China Renaissance, which Bao co-founded in 2005 and in which he still holds nearly 49% of the shares, stunned the market that year when it announced it had lost contact with him. His detention was later linked to a probe into a former colleague, although authorities never issued a public explanation.
Bao’s case was one of several involving high-profile finance executives who have vanished in recent years during President Xi Jinping’s sweeping anti-corruption campaign. His absence unsettled investors and bankers alike, as Beijing targeted what it called the excessive lifestyles of the financial elite.
The timing of his release coincides with Beijing’s push to restore business confidence, especially among technology entrepreneurs and private sector players grappling with weak consumer demand, a protracted property debt crisis, and tense trade relations with the United States.
“This is certainly a positive signal, as Bao was the most high-profile financier detained in recent years,” said Christopher Beddor, deputy China research director at Gavekal Dragonomics. “But the anti-corruption drive remains in full swing, with pay caps, clawbacks, and strict oversight still shaping the sector.”
Widely regarded as one of China’s best-connected dealmakers, Bao played a central role in landmark transactions such as the mergers of ride-hailing firms Didi and Kuaidi, food delivery platforms Meituan and Dianping, and online travel agencies Ctrip and Qunar.
Shares of China Renaissance surged 17% on Friday to close at HK$6.87 (US$0.88) before the news of Bao’s release emerged. The company has yet to comment.
Following his detention, trading in China Renaissance shares was suspended in April 2023 after delays in releasing its audited results. The stock tumbled 72% when trading resumed in September. Since then, leadership has shifted: co-founder Xie Yi Jing became chairman in February 2024, and Bao’s wife, Hui Yin Ching, took over as chairperson in October, alongside broader management changes.
