Overview

• Chinese authorities detained Bao in February 2023 as part of President Xi Jinping’s anti-corruption campaign without publicly explaining the charges.
• China Renaissance shares jumped 17% to HK$6.87 on Friday before news of his release became public.
• Bao founded China Renaissance in 2005 and still owns nearly 49% of its outstanding shares.
• The firm's shares were suspended in April 2023 and plunged 72% when trading resumed in September after delayed audited results.
• Analysts say his release could signal Beijing’s intent to bolster private sector confidence after years of anti-corruption scrutiny.