Chinese tech financier Bao Fan released after probe, says former colleague
Mr Bao was a key player in the emergence of some of China's biggest tech giants and was involved in high-profile deals, including the mergers of ride-hailing firms Didi and its top rival Kuaidi Dache, food delivery giants Meituan and Dianping, and travel platforms Ctrip and Qunar.
He went missing in February 2023 with little explanation and was one of several high-profile disappearances in China amid a sweeping anti-corruption campaign spearheaded by President Xi Jinping.
His disappearance rattled professionals in the financial industry as Beijing pressed its campaign to rein in the "lavish lifestyle" of the "financial elite".
In February 2024, Mr Bao's investment bank, China Renaissance, said he had stepped down as head.
His former colleague, speaking to AFP on condition of anonymity, said he remained in contact with the boutique bank and could confirm Mr Bao had been released, as first reported by financial media outlet Caixin.
Mr Bao, who previously worked at Credit Suisse and Morgan Stanley, was known for his close ties with the country's top tech bosses and was seen as a celebrity in venture capital circles.
His release comes as China seeks to boost confidence in the private sector, which has been reeling from weak domestic consumption and a prolonged debt crisis in the property sector, against a broader backdrop of heightened trade tensions 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 of Gavekal Dragonomics.
"Still, it won't change the fact that the anti-corruption campaign continues to churn through the financial sector, and the common prosperity campaign has led to sweeping pay caps and even clawbacks," said Mr Beddor.
Mr Bao's disappearance — and China Renaissance's subsequent announcement that he was "cooperating in an investigation being carried out by certain authorities" — sent shock waves throughout the financial services industry.
Trade in China Renaissance shares was suspended in April 2023 after the bank delayed publication of its audited annual results, after Mr Bao was detained.
Sources have previously told Reuters that he was taken away to assist in an investigation into a former colleague.
Chinese authorities never formally announced the scope of the investigation.
Mr Bao is one of many influential figures in business, entertainment, and sporting sectors who have disappeared with minimal explanation.
In 2020, Alibaba's founder Jack Ma disappeared for three months after giving a controversial speech before reappearing at a charity event, and his company was fined $US2.8 billion
Business tycoon Ren Zhiqiang, who criticised Chinese President Xi Jinping's response to COVID-19, was also jailed for 18 years.
In recent months, top military officials and high-ranking ministers have also been purged from President Xi's cabinet, amid factional politics.
ABC/AFP/Reuters
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ABC News
15 hours ago
- ABC News
Chinese tech financier Bao Fan released after probe, says former colleague
Chinese tech financier and banker Bao Fan has been released by Chinese authorities after vanishing from public view more than two years ago while "cooperating" with an investigation, a former colleague told AFP. Mr Bao was a key player in the emergence of some of China's biggest tech giants and was involved in high-profile deals, including the mergers of ride-hailing firms Didi and its top rival Kuaidi Dache, food delivery giants Meituan and Dianping, and travel platforms Ctrip and Qunar. He went missing in February 2023 with little explanation and was one of several high-profile disappearances in China amid a sweeping anti-corruption campaign spearheaded by President Xi Jinping. His disappearance rattled professionals in the financial industry as Beijing pressed its campaign to rein in the "lavish lifestyle" of the "financial elite". In February 2024, Mr Bao's investment bank, China Renaissance, said he had stepped down as head. His former colleague, speaking to AFP on condition of anonymity, said he remained in contact with the boutique bank and could confirm Mr Bao had been released, as first reported by financial media outlet Caixin. Mr Bao, who previously worked at Credit Suisse and Morgan Stanley, was known for his close ties with the country's top tech bosses and was seen as a celebrity in venture capital circles. His release comes as China seeks to boost confidence in the private sector, which has been reeling from weak domestic consumption and a prolonged debt crisis in the property sector, against a broader backdrop of heightened trade tensions 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 of Gavekal Dragonomics. "Still, it won't change the fact that the anti-corruption campaign continues to churn through the financial sector, and the common prosperity campaign has led to sweeping pay caps and even clawbacks," said Mr Beddor. Mr Bao's disappearance — and China Renaissance's subsequent announcement that he was "cooperating in an investigation being carried out by certain authorities" — sent shock waves throughout the financial services industry. Trade in China Renaissance shares was suspended in April 2023 after the bank delayed publication of its audited annual results, after Mr Bao was detained. Sources have previously told Reuters that he was taken away to assist in an investigation into a former colleague. Chinese authorities never formally announced the scope of the investigation. Mr Bao is one of many influential figures in business, entertainment, and sporting sectors who have disappeared with minimal explanation. In 2020, Alibaba's founder Jack Ma disappeared for three months after giving a controversial speech before reappearing at a charity event, and his company was fined $US2.8 billion Business tycoon Ren Zhiqiang, who criticised Chinese President Xi Jinping's response to COVID-19, was also jailed for 18 years. In recent months, top military officials and high-ranking ministers have also been purged from President Xi's cabinet, amid factional politics. ABC/AFP/Reuters
The Advertiser
18 hours ago
- The Advertiser
Renault "well-positioned" to meet new Australian emissions regulations
Penalties under the New Vehicle Efficiency Standard (NVES) are now in effect, but Renault Australia says it isn't worried about being able to meet any mandated targets. The French brand only sells two electric vehicles (EV) in Australia, the Megane E-Tech and Kangoo E-Tech, and only recently introduced a mild-hybrid in the form of the Duster. That's despite Renault offering several models with mild-, full-, or plug-in hybrid powertrains, plus more EVs, in overseas markets such as Europe. Though hardly any of those European models have been confirmed for Australia, the brand's local general manager Glen Sealey says nothing is off the cards and maintains NVES is just another regulatory framework to adhere to. "From a Renault perspective… we always respect the umpire's decision. That's the regulatory framework that is out there today, and that's the framework that we will operate under," he told media at the local launch for the Duster. CarExpert can save you thousands on a new car. Click here to get a great deal. Above: Renault Megane E-Tech "Renault as a brand is European-based, so we have a fantastic product range to operate within an environment where NVES is in play." Renault, like every other manufacturer operating in Australia, is now obliged to meet set average carbon emissions targets across its fleet each year, or be penalised $100 per g/km of CO2 for every vehicle that exceeds the target. The brand's passenger vehicles fit into the Type 1 NVES category, which means the fleet is currently subject to average carbon dioxide emissions of 141g/km for 2025. This limit will drop each year, eventually reaching 58g/km in 2029. Unfortunately for Renault, only mild-hybrid Duster variants and the Arkana are below that limit, which likely won't be enough to offset emissions from the rest of the fleet. The brand's commercial lineup – Kangoo, Trafic, and Master – is subject to the current Type 2 vehicle limit of 210g/km, and all three are 'clean' enough for now. Above: Renault Kangoo E-Tech Renault Australia has confirmed six new models and updates will come in the next 18 months, including the new Captur – potentially with hybrid tech – and the niche Renault 5 Turbo 3E, which will be an exclusive performance EV. While unconfirmed, further models are likely to have some degree of electrification. "When we look at those six new models to come, there's a bit of water under the bridge, there's currency, there's regulatory changes, there's tariff changes rolling around the place," Mr Sealey said. "It's a very dynamic environment. So for me to sit here and say 'I'll definitely have that car tomorrow', I wouldn't be prepared to do that. "But what I can say, I do know I've got six of them coming. They may vary between now and then, but in terms of electrification, going back to that, you would have to say there is still going to be a baseline for electrification in Australia." Above: Renault Symbioz (overseas model) Mr Sealey explained that in 2024, before NVES came into effect, EVs held a market share of 8.0 per cent. Following the start of the NVES, in the first half of 2025 the share remained similar at 7.6 per cent. "So the one thing that we do see, and all car companies must respect, is [that] it is the consumer that drives the market, and so it will be the consumer that dictates whether electrification is adopted further," Mr Sealey said. When asked whether Renault Australia is expecting to have to pay fines for exceeding CO2 limits, Mr Sealey replied, "We're well-positioned to operate within an NVES environment." "When you look at Renault, we have typically four-cylinder engines, very efficient, we're lightweight, so you would have to say, no," he said. MORE: Renault is readying six new and updated models for Australia, but which? MORE: Everything Renault Content originally sourced from: Penalties under the New Vehicle Efficiency Standard (NVES) are now in effect, but Renault Australia says it isn't worried about being able to meet any mandated targets. The French brand only sells two electric vehicles (EV) in Australia, the Megane E-Tech and Kangoo E-Tech, and only recently introduced a mild-hybrid in the form of the Duster. That's despite Renault offering several models with mild-, full-, or plug-in hybrid powertrains, plus more EVs, in overseas markets such as Europe. Though hardly any of those European models have been confirmed for Australia, the brand's local general manager Glen Sealey says nothing is off the cards and maintains NVES is just another regulatory framework to adhere to. "From a Renault perspective… we always respect the umpire's decision. That's the regulatory framework that is out there today, and that's the framework that we will operate under," he told media at the local launch for the Duster. CarExpert can save you thousands on a new car. Click here to get a great deal. Above: Renault Megane E-Tech "Renault as a brand is European-based, so we have a fantastic product range to operate within an environment where NVES is in play." Renault, like every other manufacturer operating in Australia, is now obliged to meet set average carbon emissions targets across its fleet each year, or be penalised $100 per g/km of CO2 for every vehicle that exceeds the target. The brand's passenger vehicles fit into the Type 1 NVES category, which means the fleet is currently subject to average carbon dioxide emissions of 141g/km for 2025. This limit will drop each year, eventually reaching 58g/km in 2029. Unfortunately for Renault, only mild-hybrid Duster variants and the Arkana are below that limit, which likely won't be enough to offset emissions from the rest of the fleet. The brand's commercial lineup – Kangoo, Trafic, and Master – is subject to the current Type 2 vehicle limit of 210g/km, and all three are 'clean' enough for now. Above: Renault Kangoo E-Tech Renault Australia has confirmed six new models and updates will come in the next 18 months, including the new Captur – potentially with hybrid tech – and the niche Renault 5 Turbo 3E, which will be an exclusive performance EV. While unconfirmed, further models are likely to have some degree of electrification. "When we look at those six new models to come, there's a bit of water under the bridge, there's currency, there's regulatory changes, there's tariff changes rolling around the place," Mr Sealey said. "It's a very dynamic environment. So for me to sit here and say 'I'll definitely have that car tomorrow', I wouldn't be prepared to do that. "But what I can say, I do know I've got six of them coming. They may vary between now and then, but in terms of electrification, going back to that, you would have to say there is still going to be a baseline for electrification in Australia." Above: Renault Symbioz (overseas model) Mr Sealey explained that in 2024, before NVES came into effect, EVs held a market share of 8.0 per cent. Following the start of the NVES, in the first half of 2025 the share remained similar at 7.6 per cent. "So the one thing that we do see, and all car companies must respect, is [that] it is the consumer that drives the market, and so it will be the consumer that dictates whether electrification is adopted further," Mr Sealey said. When asked whether Renault Australia is expecting to have to pay fines for exceeding CO2 limits, Mr Sealey replied, "We're well-positioned to operate within an NVES environment." "When you look at Renault, we have typically four-cylinder engines, very efficient, we're lightweight, so you would have to say, no," he said. MORE: Renault is readying six new and updated models for Australia, but which? MORE: Everything Renault Content originally sourced from: Penalties under the New Vehicle Efficiency Standard (NVES) are now in effect, but Renault Australia says it isn't worried about being able to meet any mandated targets. The French brand only sells two electric vehicles (EV) in Australia, the Megane E-Tech and Kangoo E-Tech, and only recently introduced a mild-hybrid in the form of the Duster. That's despite Renault offering several models with mild-, full-, or plug-in hybrid powertrains, plus more EVs, in overseas markets such as Europe. Though hardly any of those European models have been confirmed for Australia, the brand's local general manager Glen Sealey says nothing is off the cards and maintains NVES is just another regulatory framework to adhere to. "From a Renault perspective… we always respect the umpire's decision. That's the regulatory framework that is out there today, and that's the framework that we will operate under," he told media at the local launch for the Duster. CarExpert can save you thousands on a new car. Click here to get a great deal. Above: Renault Megane E-Tech "Renault as a brand is European-based, so we have a fantastic product range to operate within an environment where NVES is in play." Renault, like every other manufacturer operating in Australia, is now obliged to meet set average carbon emissions targets across its fleet each year, or be penalised $100 per g/km of CO2 for every vehicle that exceeds the target. The brand's passenger vehicles fit into the Type 1 NVES category, which means the fleet is currently subject to average carbon dioxide emissions of 141g/km for 2025. This limit will drop each year, eventually reaching 58g/km in 2029. Unfortunately for Renault, only mild-hybrid Duster variants and the Arkana are below that limit, which likely won't be enough to offset emissions from the rest of the fleet. The brand's commercial lineup – Kangoo, Trafic, and Master – is subject to the current Type 2 vehicle limit of 210g/km, and all three are 'clean' enough for now. Above: Renault Kangoo E-Tech Renault Australia has confirmed six new models and updates will come in the next 18 months, including the new Captur – potentially with hybrid tech – and the niche Renault 5 Turbo 3E, which will be an exclusive performance EV. While unconfirmed, further models are likely to have some degree of electrification. "When we look at those six new models to come, there's a bit of water under the bridge, there's currency, there's regulatory changes, there's tariff changes rolling around the place," Mr Sealey said. "It's a very dynamic environment. So for me to sit here and say 'I'll definitely have that car tomorrow', I wouldn't be prepared to do that. "But what I can say, I do know I've got six of them coming. They may vary between now and then, but in terms of electrification, going back to that, you would have to say there is still going to be a baseline for electrification in Australia." Above: Renault Symbioz (overseas model) Mr Sealey explained that in 2024, before NVES came into effect, EVs held a market share of 8.0 per cent. Following the start of the NVES, in the first half of 2025 the share remained similar at 7.6 per cent. "So the one thing that we do see, and all car companies must respect, is [that] it is the consumer that drives the market, and so it will be the consumer that dictates whether electrification is adopted further," Mr Sealey said. When asked whether Renault Australia is expecting to have to pay fines for exceeding CO2 limits, Mr Sealey replied, "We're well-positioned to operate within an NVES environment." "When you look at Renault, we have typically four-cylinder engines, very efficient, we're lightweight, so you would have to say, no," he said. MORE: Renault is readying six new and updated models for Australia, but which? MORE: Everything Renault Content originally sourced from: Penalties under the New Vehicle Efficiency Standard (NVES) are now in effect, but Renault Australia says it isn't worried about being able to meet any mandated targets. The French brand only sells two electric vehicles (EV) in Australia, the Megane E-Tech and Kangoo E-Tech, and only recently introduced a mild-hybrid in the form of the Duster. That's despite Renault offering several models with mild-, full-, or plug-in hybrid powertrains, plus more EVs, in overseas markets such as Europe. Though hardly any of those European models have been confirmed for Australia, the brand's local general manager Glen Sealey says nothing is off the cards and maintains NVES is just another regulatory framework to adhere to. "From a Renault perspective… we always respect the umpire's decision. That's the regulatory framework that is out there today, and that's the framework that we will operate under," he told media at the local launch for the Duster. CarExpert can save you thousands on a new car. Click here to get a great deal. Above: Renault Megane E-Tech "Renault as a brand is European-based, so we have a fantastic product range to operate within an environment where NVES is in play." Renault, like every other manufacturer operating in Australia, is now obliged to meet set average carbon emissions targets across its fleet each year, or be penalised $100 per g/km of CO2 for every vehicle that exceeds the target. The brand's passenger vehicles fit into the Type 1 NVES category, which means the fleet is currently subject to average carbon dioxide emissions of 141g/km for 2025. This limit will drop each year, eventually reaching 58g/km in 2029. Unfortunately for Renault, only mild-hybrid Duster variants and the Arkana are below that limit, which likely won't be enough to offset emissions from the rest of the fleet. The brand's commercial lineup – Kangoo, Trafic, and Master – is subject to the current Type 2 vehicle limit of 210g/km, and all three are 'clean' enough for now. Above: Renault Kangoo E-Tech Renault Australia has confirmed six new models and updates will come in the next 18 months, including the new Captur – potentially with hybrid tech – and the niche Renault 5 Turbo 3E, which will be an exclusive performance EV. While unconfirmed, further models are likely to have some degree of electrification. "When we look at those six new models to come, there's a bit of water under the bridge, there's currency, there's regulatory changes, there's tariff changes rolling around the place," Mr Sealey said. "It's a very dynamic environment. So for me to sit here and say 'I'll definitely have that car tomorrow', I wouldn't be prepared to do that. "But what I can say, I do know I've got six of them coming. They may vary between now and then, but in terms of electrification, going back to that, you would have to say there is still going to be a baseline for electrification in Australia." Above: Renault Symbioz (overseas model) Mr Sealey explained that in 2024, before NVES came into effect, EVs held a market share of 8.0 per cent. Following the start of the NVES, in the first half of 2025 the share remained similar at 7.6 per cent. "So the one thing that we do see, and all car companies must respect, is [that] it is the consumer that drives the market, and so it will be the consumer that dictates whether electrification is adopted further," Mr Sealey said. When asked whether Renault Australia is expecting to have to pay fines for exceeding CO2 limits, Mr Sealey replied, "We're well-positioned to operate within an NVES environment." "When you look at Renault, we have typically four-cylinder engines, very efficient, we're lightweight, so you would have to say, no," he said. MORE: Renault is readying six new and updated models for Australia, but which? MORE: Everything Renault Content originally sourced from:
ABC News
19 hours ago
- ABC News
When does the RBA meet next? Is a rate cut coming?
The Reserve Bank of Australia (RBA) shocked many in the finance sector when it voted against cutting the cash rate last month. The news came as a blow to people paying off home loans, who hoped a rate cut would reduce their mortgage bills. Many are now looking towards the next meeting with anticipation. Here's what you need to know before the next RBA's next monetary policy meeting. Tomorrow. But it's a two-day meeting, so we won't hear about the decision until Tuesday afternoon. We're expecting an announcement at 2.30pm AEST on Tuesday, August 12. We can't say for sure. However, many people are banking on one after the Australian Bureau of Statistics (ABS) published the quarterly inflation figures at the end of July. Those figures showed inflation was now well and truly within the RBA's preferred range of between 2 and 3 per cent. Within the inflation data, there were two main figures people were paying attention to: The trimmed mean is also called "underlying inflation". The trimmed mean is the statistic the RBA had previously said it was focusing on to measure inflation, which meant a lot of people were watching for that figure in particular. On the graph below, you can see headline inflation — the red line — has been within the RBA's target range for longer than the trimmed mean. Headline inflation reached that range in September last year. But the trimmed mean — the blue line — only reached that range in March, when it hit 2.9 per cent. Currently, the cash rate target is 3.85 per cent. This figure is often referred to as "the interest rate" in conversation, but it's not the rate people with mortgages pay. "The cash rate is the interest rate that banks pay to borrow funds from other banks in the money market overnight," the RBA's website says. "It influences all other interest rates, including mortgage and deposit rates." That's why, if you're paying interest on a loan, your interest rate is probably higher than 3.85 per cent. When the RBA changes the cash rate target, interest rates for mortgages don't automatically change — the individual banks decide that. The RBA said it was waiting on more data. Many people expected the RBA to cut rates at the July meeting off the back of monthly inflation data from the ABS. The RBA has repeatedly said it wants Australia's inflation to get down to 2 to 3 per cent — and that monthly data was within that range. However, that was monthly data, not quarterly data, which takes in three months at a time. And it's this quarterly data that's regarded as Australia's key inflation measure. At the time of the July meeting, the most recent batch of quarterly data had come out in April — and the RBA wanted to wait until the next drop of inflation figures at the end July. Now those figures are out. And they look promising for people hoping for a rate cut. No one can say for sure. If the RBA does cut the cash rate target, that doesn't mean mortgage interest rates will automatically go down. It'll be up to the banks to decide if they'll pass that cut on to customers. So if you have a mortgage, you'll have to wait to hear from your lending institution about whether your rates are changing. We typically hear from the major banks within a few hours of the RBA's decision, though, so you probably won't have to wait very long. However, there is often a lag between banks announcing they'll cut their interest rates and that cut taking effect. They usually keep charging the higher rate for a week or two before the rate goes down — meaning it could be about a fortnight before people paying off a loan start to see any savings on their bills.
