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Exclusive: China Renaissance Founder No Longer Under Investigation, Sources Say

Published: Aug. 8, 2025 7:50 p.m. GMT+8

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Bao Fan, the billionaire founder and ex-chairman of China Renaissance Holdings Ltd., is no longer under investigation by Chinese authorities, Caixin learned Thursday from multiple sources familiar with this matter.

When contacted Friday, Bao’s lawyer refused to comment on anything related to the case. In response to Caixin’s questions, China Renaissance said the same day that Bao is no longer involved in the daily management and operations of the company, and it will not discuss his personal matters.

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Bao Fan, founder of China Renaissance, is no longer under investigation by Chinese authorities as of June 2024.
He stepped down from China Renaissance in early 2023 after being questioned about ties to Cong Lin, a former ICBC executive, and a 20 million yuan ($2.9 million) sign-on bonus.
Bao is not involved in the company’s daily operations, and his lawyer and China Renaissance declined further comment.

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Who’s Who

China Renaissance Holdings Ltd.: China Renaissance Holdings Ltd. is an investment bank founded in 2005 by Bao Fan, who facilitated major M&A deals for Chinese internet giants. Listed in Hong Kong in 2018, the company recently announced Bao Fan is no longer involved in its daily operations after being investigated by Chinese authorities, reportedly for bribery linked to a former ICBC executive.

Morgan Stanley: Bao Fan, founder of China Renaissance, previously worked for Morgan Stanley. He established China Renaissance in 2005. The firm was listed in Hong Kong in 2018.

Credit Suisse: Credit Suisse is mentioned as a past employer of Bao Fan, the founder of China Renaissance Holdings Ltd. He worked for Credit Suisse before establishing his own company in 2005.

Alibaba Group Holding Ltd.: Alibaba Group Holding Ltd. is a Chinese internet giant. It was involved in high-profile merger and acquisition deals facilitated by Bao Fan, the billionaire founder of China Renaissance Holdings Ltd.

Tencent Holdings Ltd.: Tencent Holdings Ltd. is mentioned as one of the Chinese internet giants for which Bao Fan, founder of China Renaissance, facilitated high-profile merger and acquisition deals. This contributed to Bao's celebrity status in venture capital circles. The article does not provide further details about Tencent Holdings Ltd.

JD.com Inc.: JD.com Inc. is an e-commerce giant in China. It was involved in high-profile merger and acquisition deals facilitated by Bao Fan, the founder of China Renaissance. Bao Fan, a prominent investment banker, leveraged his extensive connections in China's internet industry to work with companies like JD.com Inc.

Industrial and Commercial Bank of China Ltd.: The Industrial and Commercial Bank of China Ltd. (ICBC) is a state-owned entity. A former ICBC executive, Cong Lin, with three decades of experience, was hired by Bao Fan's China Renaissance in 2020. Cong Lin himself was under investigation in mid-2022, and his ties to Bao Fan were initially part of that probe.

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What Happened When

2020：: Bao Fan hired Cong Lin to serve as China Renaissance’s president.

Summer 2022：: Cong Lin, a former executive at ICBC, was put under investigation.

Early 2023：: Bao Fan was taken away by Chinese authorities to assist with an investigation.

Early 2024：: Bao Fan stepped down from China Renaissance.

Earlier in 2025：: Caixin reported that Bao Fan might face prosecution on bribery charges.

August 7, 2025：: Caixin learned that Bao Fan is no longer under investigation by Chinese authorities.

August 8, 2025：: Bao’s lawyer refused to comment on the case and China Renaissance stated that Bao is no longer involved in the daily management and operations of the company.

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