High-profile Chinese dealmaker Bao Fan released from detention: Report
Bao, widely regarded as one of China's best-connected bankers, was released from detention earlier this week, the person said on Friday, declining to be identified because the information was not public.
China Renaissance sent shockwaves through the country's financial sector in 2023 when it announced it was unable to contact Bao, who founded the bank in 2005 with two other men and still owns nearly 49 percent of the company's issued shares.
He was one of the several high-profile executives in China, mostly from the finance industry, who went missing in recent years with little explanation amid a sweeping anticorruption campaign spearheaded by President Xi Jinping.
His disappearance rattled professionals in the financial industry in the world's second-largest economy, as Beijing pressed its campaign to rein in the 'lavish lifestyle' of the 'financial elite'.
His release comes as Beijing seeks to boost business confidence, particularly among the country's tech entrepreneurs, whose businesses have suffered from a years-long crackdown.
China is looking 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 anticorruption campaign continues to churn through the financial sector, and the common prosperity campaign has led to sweeping pay caps and even clawbacks,' said Beddor. 'China's financial sector remains a long way from its heyday only a few years ago.'
High-profile deals
Bao had been involved in high-profile deals, including the mergers of ride-hailing firms Didi and Kuaidi, food delivery giants Meituan and Dianping, and travel platforms Ctrip and Qunar.
Neither China Renaissance nor Bao responded immediately to Reuters's requests for comment. Chinese media Caixin first reported Bao's release, citing unidentified sources.
China Renaissance's shares jumped 17 percent on Friday to close at 6.87 Hong Kong dollars ($0.8752) before the news of his release became public.
Bao, who previously worked at Credit Suisse and Morgan Stanley, went missing in February 2023.
Trade in China Renaissance shares was suspended in April 2023 after the bank delayed publication of its audited annual results as a result of mainland Chinese authorities detaining Bao as part of an investigation.
A Chinese financial publication reported in May 2023 that he was detained by disciplinary and supervision officials. Authorities have as yet not given any explanation. China Renaissance shares plunged 72 percent on the day it resumed trading last September.
Sources have previously told Reuters that he was taken away to assist in an investigation into a former colleague.
Xie Yi Jing, who cofounded China Renaissance, replaced Bao as chairman in February last year.
Subsequently, Bao's wife, Hui Yin Ching, was appointed as chairperson to lead the boutique investment bank in October, with changes in other senior management ranks, as well.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Jazeera
21 hours ago
- Al Jazeera
High-profile Chinese dealmaker Bao Fan released from detention: Report
Bao Fan, star dealmaker and founder of boutique investment bank China Renaissance Holdings, has been released more than two years after being detained by Chinese authorities, the Reuters news agency has reported, citing a person with knowledge of the matter. Bao, widely regarded as one of China's best-connected bankers, was released from detention earlier this week, the person said on Friday, declining to be identified because the information was not public. China Renaissance sent shockwaves through the country's financial sector in 2023 when it announced it was unable to contact Bao, who founded the bank in 2005 with two other men and still owns nearly 49 percent of the company's issued shares. He was one of the several high-profile executives in China, mostly from the finance industry, who went missing in recent years with little explanation amid a sweeping anticorruption campaign spearheaded by President Xi Jinping. His disappearance rattled professionals in the financial industry in the world's second-largest economy, as Beijing pressed its campaign to rein in the 'lavish lifestyle' of the 'financial elite'. His release comes as Beijing seeks to boost business confidence, particularly among the country's tech entrepreneurs, whose businesses have suffered from a years-long crackdown. China is looking 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 anticorruption campaign continues to churn through the financial sector, and the common prosperity campaign has led to sweeping pay caps and even clawbacks,' said Beddor. 'China's financial sector remains a long way from its heyday only a few years ago.' High-profile deals Bao had been involved in high-profile deals, including the mergers of ride-hailing firms Didi and Kuaidi, food delivery giants Meituan and Dianping, and travel platforms Ctrip and Qunar. Neither China Renaissance nor Bao responded immediately to Reuters's requests for comment. Chinese media Caixin first reported Bao's release, citing unidentified sources. China Renaissance's shares jumped 17 percent on Friday to close at 6.87 Hong Kong dollars ($0.8752) before the news of his release became public. Bao, who previously worked at Credit Suisse and Morgan Stanley, went missing in February 2023. Trade in China Renaissance shares was suspended in April 2023 after the bank delayed publication of its audited annual results as a result of mainland Chinese authorities detaining Bao as part of an investigation. A Chinese financial publication reported in May 2023 that he was detained by disciplinary and supervision officials. Authorities have as yet not given any explanation. China Renaissance shares plunged 72 percent on the day it resumed trading last September. Sources have previously told Reuters that he was taken away to assist in an investigation into a former colleague. Xie Yi Jing, who cofounded China Renaissance, replaced Bao as chairman in February last year. Subsequently, Bao's wife, Hui Yin Ching, was appointed as chairperson to lead the boutique investment bank in October, with changes in other senior management ranks, as well.
Al Jazeera
a day ago
- Al Jazeera
China welcomes new US-Russia contact as Trump seeks end to Ukraine war
China's President Xi Jinping has told Russia's Vladimir Putin he is pleased to see Moscow maintain contact with the United States to advance a political resolution of the Ukraine crisis. The remarks during a phone call between the two leaders on Friday come after the Kremlin said President Putin would meet US President Donald Trump in the coming days. During the phone call, Xi said China would maintain its stance on the need for peace talks and a diplomatic solution to the Russia-Ukraine war, Chinese state broadcaster CCTV reported. The Kremlin said Putin had called his Chinese counterpart to update him on the latest US-Russia talks, during which Xi expressed support for a 'long-term' solution to the Ukraine conflict. The call between Xi and Putin was their second in less than two months. Putin is expected to visit China in September for events marking the 80th anniversary of the end of World War II. The two countries have further bolstered their economic, trade and security cooperation since Russia's full-scale invasion of Ukraine in February 2022, which triggered a sharp deterioration in Moscow's relations with the West. China has never denounced Russia's war nor called for it to withdraw its troops, and many of Ukraine's allies believe that Beijing has provided support to Moscow. Beijing insists it is a neutral party, regularly calling for an end to the fighting while also accusing Western countries of prolonging the conflict by arming Ukraine. Trump has voiced growing frustration with Putin over the lack of progress towards peace in Ukraine and has threatened to impose heavy tariffs on countries that buy Russian oil, including China. The US president on Wednesday said he could announce further tariffs on China similar to the 25 percent duties he has already imposed on India over its purchases of Russian oil. In response to those remarks, a Chinese foreign ministry spokesperson said on Friday that Beijing's trade and energy cooperation with Russia was 'just and legitimate'. 'We will continue to take reasonable measures to ensure energy security based on our own national interests,' Guo Jiakun said in a statement. Calls with other allies Putin and Trump are set to hold talks, although no firm date or venue has been set. Both sides have confirmed preparations for a summit are under way and have suggested that a meeting could take place next week. China has been mentioned in media reports as a possible venue for the Putin-Trump summit, with speculation that Trump could join Putin there in early September. The Kremlin also said Putin had spoken to the leaders of Kazakhstan and Uzbekistan and briefed them on talks he held with US envoy Steve Witkoff on Wednesday. Putin also discussed Ukraine in a phone call with Belarusian President Alexander Lukashenko on Friday, the Belarusian state news agency BelTA reported. Indian President Narendra Modi also held a phone call with Putin to discuss the situation in Ukraine and bilateral relations. 'Had a very good and detailed conversation with my friend President Putin. I thanked him for sharing the latest developments on Ukraine,' Modi said on X. The Indian president added that he looked forward to hosting Putin in India later this year, without specifying the date. Had a very good and detailed conversation with my friend President Putin. I thanked him for sharing the latest developments on Ukraine. We also reviewed the progress in our bilateral agenda, and reaffirmed our commitment to further deepen the India-Russia Special and Privileged… — Narendra Modi (@narendramodi) August 8, 2025 Pause in conflict may be 'close' The calls came amid rising hopes for a breakthrough in the Ukraine war, now in its fourth year. Polish Prime Minister Donald Tusk said on Friday that a pause in the conflict could be close, after speaking to Ukraine's President Volodymyr Zelenskyy. Tusk said Zelenskyy was 'very cautious but optimistic' and that Ukraine was keen that Poland and other European countries play a role in planning for a ceasefire and an eventual peace settlement. 'There are certain signals, and we also have an intuition, that perhaps a freeze in the conflict – I don't want to say the end, but a freeze in the conflict – is closer than it is further away,' he told a news conference on Friday. 'There are hopes for this.' Trump's efforts to pressure Putin into stopping the fighting have so far delivered little progress. Russia's bigger army is slowly advancing deeper into Ukraine while it relentlessly bombards Ukrainian cities. Russia and Ukraine are far apart on their terms for peace. Almost two weeks ago, Trump moved up his ultimatum to impose additional sanctions on Russia, as well as introduce secondary tariffs targeting countries that buy Russian oil, if no Kremlin moves towards a settlement were forthcoming. The deadline expired on Friday. It was unclear what steps Trump intended to take as a consequence.
Al Jazeera
2 days ago
- Al Jazeera
Trump calls on CEO of tech firm Intel to resign over China investments
United States President Donald Trump has fired off a social media message calling on the head of the US technology firm Intel to resign from his post as chief executive officer. Trump's decision to denounce Intel CEO Lip-Bu Tan on Thursday morning sent the company's stocks tumbling, amid the uncertainty about the future of its leadership. 'The CEO of INTEL is highly CONFLICTED and must resign, immediately,' Trump wrote. 'There is no other solution to this problem. Thank you for your attention to this problem!' Trump's post appeared to be a response to reports that Tan has invested nearly $200m in Chinese technology manufacturing and chip firms, including some with links to the country's military. But the president's social media message also raises concerns about his apparent willingness to get involved in the affairs of private companies, even calling for dramatic changes in leadership and direction. Scrutiny on Tan's ties to China Tan, a longtime technology investor, is relatively new to his post. He was appointed as Intel's CEO on March 12, and he also serves on the company's board of directors. Previously, Tan served in leadership positions at the software company Cadence Design Systems, and he was a founding partner for the venture capital firm Walden Catalyst Ventures. His personal investments — and the investments of the venture funds he manages — caught the public's attention shortly after his appointment at Intel, though. In April, the news agency Reuters reported that, between March 2012 and December 2024, Tan invested in Chinese firms that create technology for the People's Liberation Army, China's armed forces. For some US politicians, that raised a conflict of interest. On Wednesday, for instance, Republican Senator Tom Cotton of Arkansas posted a letter on social media written to the chairman of Intel's board of directors, Frank Yeary. In it, he demanded more information about Tan's hiring and his investments in China. Cotton pointed out that, on July 28, Cadence Design Systems agreed to plead guilty to federal charges concerning the sale of technology and intellectual property to China's National University of Defense Technology. That plea deal resulted in criminal and civil penalties of more than $140m. 'I write to express concern about the security and integrity of Intel's operations and its potential impact on US national security,' Cotton wrote in his letter to Yeary. 'Mr Tan reportedly controls dozens of Chinese companies and has a stake in hundreds of Chinese advanced-manufacturing and chip firms. At least eight of these companies reportedly have ties to the Chinese People's Liberation Army.' In an accompanying message to his social media followers, Cotton added that Intel 'owes Congress an explanation'. Intel and Tan have yet to respond to the concerns. Trump pushes 'America First' plan For years, the US and China have been locked in tense competition for economic and political dominance, and the US has repeatedly accused China of attempting to poach American innovation and spy on its technology firms. China, meanwhile, has denied such allegations, describing them as part of a US smear campaign. Founded in 1968, Intel has long been a flagship US technology firm, known for producing computer parts like microprocessors. But in recent decades, the company has struggled to keep pace with its competitors, particularly as artificial intelligence (AI) has transformed Silicon Valley, Intel's longtime home. Trump, however, has sought to bolster domestic manufacturing with his 'America First' economic agenda, which leverages tariffs to discourage the import of products from abroad. On Tuesday, the Republican leader even said he planned to impose 100-percent tariffs on foreign chips and semiconductors sold in the US. But Trump has faced criticism for testing the boundaries of his executive power — and, in some cases, seeking to impose his will on the running of private companies. Since taking office for a second term, for instance, Trump has withheld federal funds from private universities in order to extract guarantees that those institutions would eliminate their diversity initiatives and implement disciplinary reforms, among other demands. In an interview with Reuters, analysts appeared split over whether Trump was overplaying his hand. 'Many investors likely believe that President Trump has his hand in too many cookie jars, it's just another signal that he's very serious about trying to bring business back to the US,' said David Wagner, the head of equity and a portfolio manager at Aptus Capital Advisors, which has invested in Intel. Meanwhile, Phil Blancato, the CEO of Ladenburg Thalmann Asset Management, told Reuters that Trump ousting Tan could have a chilling effect on US business. 'It would be setting a very unfortunate precedent,' Blancato said. 'You don't want American presidents dictating who runs companies, but certainly his opinion has merit and weight.' It is unclear how Trump's pressure campaign against Tan may affect Intel's future. Last year, Intel received $8bn in subsidies under the 2022 CHIPS and Science Act, to build further chip manufacturing plants in the US.
