包凡回归，因资金来源被调查两年半

Core Viewpoint - The release of Bao Fan, founder of Huaxing Capital, after a two-and-a-half-year investigation serves as a warning signal for the capital market, highlighting the risks associated with corporate governance and compliance in the financial sector [2][3]. Investigation Background - Bao Fan was taken away for investigation in February 2023, with the inquiry closely linked to former president Cong Lin's alleged misconduct in ship leasing operations [5][6]. - Cong Lin, who previously worked at the Industrial and Commercial Bank of China, was involved in a controversial $200 million loan transaction with Huaxing Capital, raising concerns about potential corruption and regulatory compliance [5][6]. Company Management Changes - Following Bao Fan's investigation, he stepped down from multiple key positions within Huaxing Capital, with his wife, Xu Yanqing, taking over leadership roles [3][10]. - Despite Bao's return, he will not participate in daily management, as the company transitions to a new executive committee led by Xu Yanqing and Wang Lihang [10][11]. Financial Performance - Huaxing Capital's revenue for 2024 was reported at 777 million yuan, a decline of 22.3% year-on-year, while adjusted net losses decreased by 49.3% to 300 million yuan [10]. - The company's assets under management (AUM) fell by 12.9% to 32 billion yuan, but the exit amount from funds doubled to 3.2 billion yuan compared to 1.5 billion yuan in 2023 [11]. Market Impact - Following Bao Fan's release, Huaxing Capital's stock price increased by 16.84%, closing at 6.87 HKD per share, with a market capitalization of 39.39 billion HKD [17]. - The stock had previously experienced significant volatility, dropping nearly 72% upon resuming trading after Bao's investigation [17]. Historical Context - Bao Fan's career began at Morgan Stanley and Credit Suisse, leading to the establishment of Huaxing Capital in 2005, which became a key player in financing major Chinese tech companies [13][14]. - The firm facilitated numerous high-profile mergers and acquisitions, significantly impacting the Chinese internet economy [15][16].