Prominent Chinese Investment Banker Reappears After Disappearing for 2 Years

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China’s “M&A King” Bao Fan has resurfaced nearly 30 months after his sudden disappearance in February 2023. Multiple independent sources confirmed to Chinese financial outlet Caixin that Bao was recently released from official custody.

At the time he vanished, Bao was one of China’s most influential and well-connected dealmakers, having played a central role in many of the country’s most prominent mergers and acquisitions. His disappearance sent shockwaves through China’s finance and tech sectors.

Chinese authorities have never publicly acknowledged any investigation into Bao, nor was there any word on his prolonged disappearance. His company, China Renaissance Holdings, initially informed the public that he had gone missing.

On Feb. 16, 2023, the company’s board of directors announced they had been unable to contact Bao. Ten days later, on Feb. 26, the board revealed he was “cooperating” with authorities with an investigation.

Bao founded China Renaissance in 2005 and at the time of his disappearance, was serving as chairman, executive director, chief executive officer, and controlling shareholder.

According to Caixin, Bao’s case became entangled with an earlier corruption probe involving Cong Lin, a former China Renaissance executive and one-time senior official at ICBC (Industrial and Commercial Bank of China).

Bao reportedly approved a 20 million yuan ($2.75 million) sign-on bonus for Cong after he left the state-owned bank to join China Renaissance—a payment later scrutinized by investigators as potential bribery.

What began as an inquiry into a colleague escalated into a separate case against Bao. He was intercepted at Shanghai’s Pudong Airport in mid-2023 while attempting to leave the country, Caixin said.

Bao has had a substantial influence on China’s financial industry.

Born in 1970, he founded China Renaissance Group at the age of 35. Prior to that, he served as the chief strategy officer of China-based IT services and software company Asiainfo Group. He also worked at international financial companies such as Morgan Stanley and Credit Suisse, accumulating seven years of investment banking experience on Wall Street.

In 2015, China Renaissance facilitated several landmark mergers in China’s internet sector: the merger of ride-hailing giants Didi and Kuaidi, the merger of classifieds site 58.com and Ganji.com, the merger of lifestyle e-commerce platform Meituan and online review site Dianping, and the merger of online travel agencies Ctrip and Qunar.

After that, Bao became involved in nearly every major IPO, financing round, and M&A deal in China’s tech sector. According to data from IT Juzi, a Chinese business data provider, China Renaissance brokered 439 public transactions involving 727 different investors between 2014 and 2021, including many of China’s most prominent funds.

His reputation as the “King of M&A” in China is widely regarded as well-earned.

Following the announcement of his disappearance in February 2023, China Renaissance’s shares fell sharply, plunging more than 20 percent immediately. Amid ongoing uncertainty and the company’s inability to finalize its financial reports without Bao’s leadership, trading was eventually suspended for roughly 17 months.

When trading resumed in September 2024—after Bao’s formal resignation and the appointment of new leadership—the stock price suffered another steep decline, dropping approximately 66–72 percent on the first day of resumed trading. The company also reported significant revenue losses during this period, which reflects its continued struggle to restore investor confidence.

Bao’s detention marked an intensified moment in Chinese leader Xi Jinping’s crackdown on high-profile corruption, risky lending, and the outsized influence of private financial elites.​

This campaign, driven by a vow to combat “lavish lifestyles” and tighten oversight, led to multiple high-profile arrests, trading suspensions, and widespread anxiety throughout China’s investment and banking industries.