Chinese tech financier released after probe: former colleague
Bao was a key player in the emergence of some of China's biggest tech giants, supervising blockbuster initial public offerings (IPOs) and the landmark 2015 merger between ride-hailing giant Didi and its top competitor at the time, Kuaidi Dache.
He disappeared in February 2023 as authorities launched a crackdown that saw a number of prominent Chinese financiers placed under investigation.
In February last year his investment bank, China Renaissance, said he had stepped down as head.
His former colleague, speaking on condition of anonymity, said he remained in contact with Bao's investment bank and could confirm he had been released, as first reported Friday in financial outlet Caixin.
Bao was known for his close ties with the country's top tech bosses, and was seen as a celebrity in venture capital circles.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sign Up
Sign Up
His disappearance – and China Renaissance's subsequent announcement that he was 'cooperating in an investigation being carried out by certain authorities' – sent shockwaves throughout the financial services industry.
Chinese authorities never formally announced the scope of the investigation.
Beijing has since extended an olive branch to the country's private sector.
In February, President Xi Jinping met with prominent business leaders including Alibaba's Jack Ma, Tencent's Pony Ma and Xiaomi's Lei Jun.
A few months later, China introduced a law dedicated to promoting the private sector. AFP
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
AsiaOne
13 minutes ago
- AsiaOne
4 foreigners arrested after Rail Corridor search suspected to be part of housebreaking syndicate, Singapore News
The four Chinese nationals who were arrested after a police search operation near the Rail Corridor on Friday (Aug 8) are suspected to be members of a criminal housebreaking syndicate. The quartet, aged between 36 and 41, were found to possess housebreaking implements such as screwdrivers and spanners. At a media conference on Sunday (Aug 10), the police said they had been conducting housebreaking operations in the vicinity of the Rail Corridor and Bukit Timah Road on Friday evening. Patrolling officers had spotted the men running into a forested area, and a joint operation involving the Gurkha and Special Operations Command was activated to comb the area. According to The Straits Times, officers were spotted searching near Greenleaf Place and a drone was seen flying over the nearby forested area. During the search operation, two men were arrested at the forested areas near the Rail Corridor. The third man was arrested at a mall near Clementi that night, while the fourth man was arrested on Saturday (Aug 9) morning at a hotel in Geylang. AC Serene Chiu, Commander of Clementi Police Division, said the quartet had arrived in Singapore from Malaysia via Woodlands Checkpoint on social visit passes on Aug 8. Three of the suspects have previous Singapore entry records, and it is believed that they are known to each other. The men did not look like "typical parkgoers" and had fled when approached by police at the Rail Corridor, she said. The suspects were found to be carrying housebreaking implements as well as clothing and cash amounting to over $400. Their passports were seized when the last suspect was apprehended at the Geylang hotel. AC Chiu said the police believe the men may be linked to three housebreaking-related cases reported in the vicinity of Rail Corridor between April and July. Of the three, one is a case of attempted housebreaking. The two other housebreaking reports saw about $60,000 worth of luxury watches and jewellery stolen from the homes. "Through effective coordination and sensemaking by the police, the four men were arrested in less than 24 hours from the time they entered Singapore, and before they could commit a house-breaking," AC Chiu said. "The police will spare no efforts to apprehend persons who enter Singapore to commit crime and will deal with them to the fullest extent of the law." Investigations are ongoing. The four men will be charged in court on Aug 10 for the possession of housebreaking implements with common intention. If found guilty, they may be jailed for up to two years, or fined, or both. Spate of recent housebreaking cases In December 2024, two Chinese nationals were arrested for breaking into a landed property at Greenleaf View and stealing valuables including watches and jewellery. Zhang Yongxiang, 52, had climbed into the home via an adjacent house that was under construction while Feng Yunlong, 38, kept a lookout outside. They were both sentenced to 15 months' jail on June 24, reported CNA. [[nid:712697]] Between June 1 and Aug 4, 2024, 10 housebreaking cases were reported in Singapore, with most cases happening at the private residential estates in the vicinity of the Rail Corridor and Bukit Timah Road. The police have since stepped up prevention measures, including deploying additional cameras and stepping up patrols. [[nid:697687]]
Straits Times
13 minutes ago
- Straits Times
Four men arrested in Bukit Timah believed to be linked to housebreaking syndicates
SINGAPORE - The four men who were arrested on Aug 8 in Bukit Timah after a police search operation are believed to be linked to housebreaking syndicates involving Chinese nationals. The quartet will be charged on Aug 10 for possession of housebreaking implements. If convicted, they could face a jail term of up to two years and a fine. A police operation near the Rail Corridor and Bukit Timah Road was ongoing when the four men were spotted behaving suspiciously in a park. They fled into a forested area after being approached by the police. The police said on Aug 10 they were conducting an operation against housebreaking as housebreakers would typically exploit the forested areas along the Rail Corridor to conceal their movements as they attempt to break into homes. Within two hours, two of the men were arrested in the forested area. The third man was arrested at a mall near Clementi the same night, while the fourth was arrested the next morning at a hotel in Geylang. They were found to have housebreaking tools such as screwdrivers, spanners, clothing and cash that totalled more than $400. The four men, who are from the Guizhou province in China, entered Singapore by Woodlands Checkpoint on social visit passes on Aug 8. The police said the men could be linked to other housebreaking-related cases reported in Singapore between April and July. It has stepped up measures to prevent housebreaking and theft in private residential estates since June 2024, such as placing more police cameras and having frequent patrols. The police urged residents to adopt crime prevention measures such as installing CCTVs and burglar alarm systems. The commander of Clementi division, Assistant Commissioner of Police Serene Chiu, said: 'Through effective coordination and sense-making by the police, the four men were arrested in less than 24 hours from the time they entered Singapore, and before they could commit housebreaking.'
New Paper
an hour ago
- New Paper
Man who made Bugis dessert shop employee cry admits being in the wrong
He lost his temper after waiting 30 minutes for his dessert that never came. The customer who raged at a Bugis dessert shop employee until she cried has admitted to Stomp that he was in the wrong. But he denied threatening the Stomper who grabbed him by the collar. The Stomper had told Stomp: "I stood up and told the guy to stop shouting, and he threatened to beat me as he felt that he was not being treated fairly." The customer told Stomp: "I never threatened to beat him. It is totally a lie." The Stomper said: "He came all the way up to my face and asked me to beat him if I was not happy." The incident took place in the Dessert Gallery at Liang Seah Street on Aug 2 at about 10.30pm. The customer had ordered his dessert via a QR code, but he was unaware that his payment did not go through, a staff member told Stomp. "Instead of nicely checking with the staff, he actually came into the store and shouted at an innocent and busy staff member," said the Stomper. "She accepted his request by refunding the money he paid for in cash, but the customer insisted on a refund via PayNow." So she referred the customer to her colleague, who was the woman he scolded in the video shared by the Stomper. "I didn't expect him to suddenly start swearing and being very aggressive," the dessert shop employee told Shin Min Daily News. "Another customer stood up to stop him, but he got even angrier and threw cash at the customer." The other customer was the Stomper, who told Stomp: "I grabbed his collar and warned him not to throw the money. This was the only time I touched him." The customer accused the Stomper of discrimination, telling Stomp: "He said only Chinese people would try to get so little refund. That was why I threw the money towards him, but not directly at him. I just threw the money onto the floor in front of him because he discriminated against my nationality." The Stomper denied this. "Nope, I didn't say Chinese people," claimed the Stomper. "I said it was a little amount - $12.80. Why the need to shout and make a big fuss? "When people told him to stop shouting, he didn't stop and kept ranting. His girlfriend was the one adding fuel into the fire when she kept adding negativity towards the staff and me." The customer clarified that the woman was his wife, not his girlfriend. The Stomper said: "The staff was crying even after he left." In response to a Stomp query, the staff member confirmed that the customer made her colleague cry. The Stomper told Stomp: "By admitting fault to you, isn't that insincere? I don't expect any apology from him, but he should apologise to the staff and the shop owner. "The staff might be worn out the whole day from huge amount of orders and she has to face this situation which can be avoided. I was not happy with the shop ordering system as well, but I didn't create a scene. I merely asked and just don't visit again lor. "Nothing to lose, not even temper as it makes us look very bad, especially when money is thrown. It reflects how this person is when he is not acting rationally."
