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包凡归去来 | 巴伦特稿
Tai Mei Ti A P P· 2025-08-10 01:05
Core Insights - Bao Fan, the founder of Huaxing Capital, has completed a 2.5-year investigation and has been released, but he will no longer participate in the daily management of the company [2][22] - Huaxing Capital's operations are currently normal, managed by an executive committee, and Bao Fan's return is expected to positively impact the company's reputation, morale, and stock price [2][3] - During Bao Fan's absence, his wife, Xu Yanqing, took over leadership roles and helped stabilize the company [2][5] Group 1: Company Performance and Changes - Huaxing Capital faced significant challenges during Bao Fan's absence, with employee numbers dropping from 754 to 521 and a substantial reduction in investment banking and private equity departments [3][4] - The company experienced a severe decline in market confidence, with its stock price plummeting 66% upon resuming trading, resulting in a market capitalization drop from approximately HKD 45 billion to HKD 15.69 billion [4][22] - Xu Yanqing and CEO Wang Lihang implemented a "Huaxing 2.0" strategy, shifting focus from traditional internet businesses to hard technology, Web3, and digital finance, which has begun to show positive results [5][6] Group 2: Strategic Developments - The company has optimized its business structure, creating a dual-driven model of wealth management and investment banking, with a focus on high-net-worth individuals and new economy founders [5][6] - Huaxing Capital has resumed its underwriting business for Hong Kong and U.S. stocks, and has completed several significant merger and acquisition transactions [5][6] - By mid-2025, Huaxing Capital's stock price had recovered to 40% of its pre-suspension level, and it regained the top position in major financial advisory rankings [6] Group 3: Bao Fan's Influence and Future - Bao Fan is recognized as a significant figure in the Chinese internet sector, having facilitated major mergers and acquisitions, including those involving Didi, Meituan, and 58.com, which accounted for over 30% of China's internet M&A transaction volume [7][8] - His return raises questions about his future role and influence in the industry, as he faces challenges related to his diminished personal wealth and industry standing [8]