Bao was a key player in the emergence of some of China's biggest tech giants, supervising blockbuster IPOs and the landmark 2015 merger between ride-hailing giant Didi and its top competitor at the time, Kuaidi Dache.
He disappeared in February 2023 as authorities launched a crackdown that saw a number of prominent Chinese financiers placed under investigation.
In February last year his investment bank, China Renaissance, said he had stepped down as head.
His former colleague, speaking on condition of anonymity, said he remained in contact with Bao's investment bank and could confirm he had been released, as first reported Friday in financial outlet Caixin.
Bao was known for his close ties with the country's top tech bosses, and was seen as a celebrity in venture capital circles.
His disappearance -- and China Renaissance's subsequent announcement that he was "cooperating in an investigation being carried out by certain authorities" -- sent shockwaves throughout the financial services industry.
Chinese authorities never formally announced the scope of the investigation.
Beijing has since extended an olive branch to the country's private sector.
In February, President Xi Jinping met with prominent business leaders including Alibaba's Jack Ma, Tencent's Pony Ma and Xiaomi's Lei Jun.
A few months later, China introduced a law dedicated to promoting the private sector.
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