Bao Fan's Return Stirs China's Financial Waters

Bao Fan, founder of China Renaissance Holdings, has been released after over two years in custody. His absence had significant effects on the financial sector, with stock prices plummeting. Now back, his release occurs amidst China's efforts to restore business confidence, particularly among tech entrepreneurs.

Bao Fan, the celebrated founder of China Renaissance Holdings, has been released by authorities after over two years of undisclosed detention, according to Chinese media outlet Caixin.

Renowned as a top dealmaker in China's financial sector, Bao's sudden disappearance in February 2023 sent shockwaves across the industry. Having played a pivotal role in major tech firm mergers like Didi and Kuaidi, his expertise had been instrumental in shaping the landscape. His absence led to a significant downfall of China Renaissance's stock, dropping 72% when trading resumed last September.

Despite his release, authorities have yet to provide reasons for Bao's detention. His return coincides with Beijing's initiatives to revive business confidence among tech firms following a regulatory crackdown. China Renaissance shares surged 17% after the news broke.

(With inputs from agencies.)