Bao Fan, founder of China Renaissance Holdings, has been released after more than two years of detention by Chinese authorities. His disappearance triggered significant turmoil in the financial sector, particularly affecting the company's share price. Bao was among several high-profile finance executives who went missing during a widespread anti-corruption campaign led by President Xi Jinping. His release signals an effort by China to boost business confidence, especially for tech entrepreneurs facing challenges from domestic economic issues and the ongoing crackdown. However, the anti-corruption campaign continues to impact the financial sector significantly.
Bao Fan, the founder of China Renaissance Holdings, was detained for over two years before being released, shaking the financial sector during China's anti-corruption campaign.
His detention led to a drop in company share prices, impacting the broader banking industry amid an initiative to curb the lavish lifestyles of financial elites.
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