Huaxing Capital Founder Reappears Amidst Web3 Expansion Plans

According to BlockBeats, multiple independent sources have reported that Bao Fan, the founder of Hong Kong-listed company Huaxing Capital Holdings (01911.HK), has recently reappeared. Bao Fan was unexpectedly taken away by authorities in February 2023, causing a stir in the venture capital community. Since then, no official updates on the case or investigation have been disclosed by the authorities. Huaxing Capital has stated that Bao Fan is no longer involved in the daily management and operations of the group, and his personal life is considered a private matter, on which the company will not comment further. Market data from RockFlow indicates that Huaxing Capital Holdings' stock closed up 16.84% today. The company plans to invest $100 million in the Web3 and cryptocurrency sectors.