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A year after Bao Fan "lost contact": resigned from all positions in Huaxing Capital, "for health reasons, to deal with family affairs"

A year after Bao Fan "lost contact": resigned from all positions in Huaxing Capital, "for health reasons, to deal with family affairs"

Author | Hao Yan

Source | Blue Whale Finance

On February 2, Huaxing Capital Holdings suddenly issued an announcement announcing Bao Fan's resignation.

Bao Fan resigned and remained the controlling shareholder of Huaxing

According to the announcement of Huaxing Capital, Bao Fan has resigned as an executive director, chairman of the board of directors, chief executive officer, chairman of the nomination committee, chairman of the executive committee and member of the remuneration committee of the company due to health reasons and the desire to devote more time to family affairs, and will be replaced by Xie Yijing. However, as of February 2, Bao Fan is still the controlling shareholder of the group.

A year after Bao Fan "lost contact": resigned from all positions in Huaxing Capital, "for health reasons, to deal with family affairs"

"Bao Fan's resignation" has been nearly a year since China Renaissance Capital announced that it "could not get in touch with Bao Fan".

On the evening of February 26, 2023, Huaxing Capital Holdings announced that the company's board of directors has been informed that Bao Fan is currently cooperating with the investigation of relevant Chinese authorities.

According to the Economic Observer, on February 7, 2023, Bao Fan was taken away for investigation by the personnel of the Commission for Discipline Inspection and Supervision and placed in liuzhi, and the specific case-handling agencies include the International Cooperation Bureau of the Central Commission for Discipline Inspection, the Beijing Municipal Commission for Discipline Inspection and Supervision and other departments.

According to titanium media reports, Bao Fan's case is related to the illegal operation of former president Conglin Ship Leasing.

Cong Cong was appointed as the President of China Renaissance Capital Holding Group on July 1, 2020, and concurrently serves as the Chairman of China Renaissance Securities (Hong Kong) Limited, reporting directly to Bao Fan. Responsible for the development and management of the Group's investment banking business. On February 13, 2023, the directors, supervisors and senior executives of Huaxing Securities Co., Ltd. "changed blood" in a large area, and the biggest change was Cong Cong's resignation as chairman of Huaxing Securities. 

The former "King of M&A"

Bao Fan has many labels, banker and investor, but the most significant one is the "king of mergers and acquisitions".

In his early years, he worked for Morgan Stanley and Credit Suisse, and has 7 years of experience in Wall Street investment banking.

A year after Bao Fan "lost contact": resigned from all positions in Huaxing Capital, "for health reasons, to deal with family affairs"

In 2000, Bao Fan joined AsiaInfo Group Co., Ltd., a leading communications software and service provider in China, as Chief Strategy Officer.

In 2005, Bao Fan founded Huaxing Capital Group. Huaxing Capital's investment cases include Li Auto, NIO, WuXi AppTec, Dewu, Babycare, Dianxiaomi, Mingluo Technology, Bubble Mart, Honeycomb New Energy, UCD and other companies.

Bao Fan once said in an interview that he had three criteria for looking at projects 10 years ago: whether things were promising and developable, whether they had a strong team, and whether people and things were matched. In the early days, Bao Fan handled a large number of IPOs of domestic new economy Internet companies, but the most exciting ones were several mergers and acquisitions.

In 2015, Bao Fan participated in 13 M&A financing cases for Chinese Internet companies, including four major M&A cases of Didi Kuaidi, Meituan Dianping, 58 Ganji and Ctrip Qunar. As a result, he was selected as one of the top 50 most influential people in the world by the American financial magazine Bloomberg Markets.

In 2017, Huaxing Capital facilitated the merger of Maoyan and Weiying, and the market share of Weiying Times and Maoyan Films reached more than 60%, becoming the largest movie ticketing platform in China, breaking the three-legged situation.

As a bigwig in the capital circle, Bao Fan can be on an equal footing with Ma Yun and Ma Huateng in the industry, and his style of acting has influenced the entire Chinese Internet gene. But in fact, his investment strategy and goals have changed in recent years, and he has drifted away from the Internet. He said in an interview: "The outside world has always thought that Huaxing is still an Internet company, but in fact, after 2018, we almost stopped investing in the Internet." Now we invest in advanced manufacturing, new energy, medical technology, and some pretty good cases, all because there are many excellent colleagues who have joined. ”

Huaxing Capital after the great change

According to the announcement of China Renaissance Capital, after Bao Fan's resignation, Xie Yijing was appointed as the chairman of the board of directors and changed from acting CEO to chief executive officer, effective February 2, 2024. On the same day, he was also appointed as the chairman of the Nomination Committee, the chairman of the Executive Committee and a member of the Remuneration Committee.

According to the Science and Technology Innovation Board Daily, Xie Yijing joined Huaxing Group in December 2005. Since March 2015, he has served as the head of the Medical & Life Sciences Business Unit and is responsible for managing the financial advisory business of the Healthcare Industry Division. He is also an Executive Director, Managing Director and Co-Head of the Investment Banking Division of China Renaissance Group. In addition, he also serves as the chairman of the Company's Environmental, Social and Governance Committee, a member of the Executive Committee and a director of certain subsidiaries of the Company. Prior to joining Huaxing, Xie Yijing worked in Ruixin for many years.

In addition, Lin Jiachang was appointed as an Executive Director and Vice Chairman of the Board of Directors of the Company, Du Yongbo was appointed as an Executive Director, Wang Lixing and Du Yongbo were appointed as Co-Presidents of the Group on the basis of their existing executive Director positions, and Sun Qianhong was appointed as a non-executive Director. Effective February 2, 2024.

China Renaissance Capital Holdings has been suspended since April 3, 2023 and is still in a state of suspension.

As of the suspension of trading, the share price of Huaxing Capital Holdings was HK$7.27 per share, with a market capitalization of HK$4.132 billion.

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(prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .. 1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .) 6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, 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#ededed;--weui-BG-1: #f7f7f7;--weui-BG-2: #fff;--weui-BG-3: #f7f7f7;--weui-BG-4: #4c4c4c;--weui-BG-5: #fff;--weui-FG-0: rgba(0, 0, 0, .. 9);--weui-FG-HALF: rgba(0, 0, 0, .9);--weui-FG-1: rgba(0, 0, 0, .55);--weui-FG-2: rgba(0, 0, 0, .3);--weui-FG-3: rgba(0, 0, 0, .1);--weui-FG-4: rgba(0, 0, 0, .15);--weui-FG-5: rgba(0, 0, 0, .05);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #fa9d3b;--weui-YELLOW: #ffc300;--weui-GREEN: #91d300;--weui-LIGHTGREEN: #95ec69;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;; --weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: #fa9d3b;--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #10aeff;--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, 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prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--APPMSGCARD-LINE-BG: rgba(255, 255, 255, .07)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-COLOR-ACTIVE: #373737}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-6: rgba(255, 255, 255, .1);--weui-ACTIVE-MASK: rgba(255, 255, 255, .1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-REDORANGE: #ff6146;;--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6); --weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme: dark){.wx-root:not([data-weui-theme=light]),,body:not([data-weui-theme=light]){--discussInput-BG: rgba(255, 255, 255, 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rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--appmsgExtra-BG: #121212}}h1,h2,h3,h4,h5,h6{font-weight:400; font-size:16px}

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