Hua Xing Capital Holdings (referred to as Hua Xing Capital), founded by Bao Fan, has been missing since February 2023. It was reported that Bao Fan “came out” on August 7th, but whether he has completely gained his freedom is unknown.
It has been approximately two and a half years since Bao Fan was initially “detained” by the Chinese authorities. On August 8th, Caixin website cited sources saying that Bao Fan had “come out” on the 7th.
Currently, it is unknown whether Bao Fan has completely obtained his freedom. According to Caixin, the legal representatives involved in Bao Fan’s case have refused to discuss any information related to the case. Hua Xing Capital has also declined to comment on Bao Fan’s personal life and only mentioned that Bao Fan is no longer involved in the daily management and operation of the group.
Bao Fan has been missing since February 2023 and was subsequently taken away for investigation by relevant departments.
Caixin reported on February 6, 2025, that at that time several people familiar with the Bao Fan case revealed that Bao Fan was suspected of bribery and bribing non-state personnel. The case had entered judicial proceedings and was sent to the procuratorate for review and prosecution.
It is alleged that the Bao Fan case is closely linked to the “revolving door” case of Lin Cong, a former mid-level manager at Industrial and Commercial Bank of China (ICBC). The most controversial aspect of the case is related to a substantial signing bonus Lin Cong received when he moved to Hua Xing. If the court ultimately determines it as bribery, Bao Fan could face several years of imprisonment.
Lin Cong was a senior executive recruited by Hua Xing from ICBC International. ICBC International is a wholly-owned subsidiary of ICBC in Hong Kong.
In July 2022, Lin Cong, who was then president of Hua Xing Capital and chairman of Hua Xing Securities (Hong Kong), was suddenly investigated, and his duties were taken over by Bao Fan. Lin Cong and his spouse, Yang Chunlei, were both taken away for questioning. Yang Chunlei, former deputy director of the Party Committee Inspection Office of the China Securities Regulatory Commission, was put under investigation in November 2023.
In April 2023, due to the inability to contact Bao Fan, Deloitte, the auditor of Hua Xing Capital at the time, refused to sign the annual report. Consequently, Hua Xing Capital entered a prolonged trading halt. It wasn’t until September 2024 that Bao Fan’s wife, Xu Yanqing, assumed the position of non-executive director at Hua Xing Capital, and the company officially resumed trading.
On February 19, 2024, Liu Liange, former party secretary and chairman of Bank of China, was reported to have been prosecuted. He was accused of “eating finance through finance,” involving bribery and illegal loan disbursement charges. Insiders at Bank of China revealed that Liu Liange was connected to the case of Bao Fan, the founder and controlling shareholder of Hua Xing Capital.