China Releases Bao Fan After Two-Year Detention

Bao Fan, influential founder and former chairman of China Renaissance Holdings, was released from detention more than two years after his disappearance by Chinese authorities in early 2023. His absence was part of President Xi Jinping's sweeping anti-corruption campaign targeting the 'lavish lifestyle' of the financial elite, which unsettled China's financial sector. Reports indicate Bao's detention was linked to an investigation into a former colleague, though no official explanation has been given. Beijing's decision to release Bao comes amid efforts to restore business confidence, particularly in the tech sector after recent regulatory crackdowns. Shares of China Renaissance surged nearly 17% following his release, signaling market relief. Despite his return, uncertainty remains about Bao's legal status and the broader impact on China's financial industry.