Exclusive: Billionaire Investment Banker Bao Fan May Face Bribery Charges, Sources Say

Investigators have identified a 20 million-yuan sign-on bonus paid to former ICBC executive Cong Lin as possible corruption

Bao Fan, founder of China Renaissance.

Bao Fan, the billionaire founder and ex-chairman of China Renaissance Holdings Ltd., may face prosecution for suspected bribery, the latest development in a mystery that’s gripped the country’s venture capital sector since the veteran financier was taken away by authorities about two years ago, multiple sources with knowledge of the matter told Caixin.

The case is now going through the judicial process and has been transferred to the procuratorate for review and potential prosecution, the sources said. It is closely linked to the ongoing investigation into Cong Lin, a former executive at state-owned Industrial and Commercial Bank of China Ltd. (ICBC). He was hired by the veteran financier in 2020 to work at the Hong Kong-listed boutique investment bank. Cong was paid a sign-on bonus of some 20 million yuan ($2.9 million). That payment has been identified by investigators as possible corruption, they said.