He lost to his Chinese rival Junhui Ding 5-0 in quarterfinals.
Vafaei had defeated world No. 1 Ronnie O’Sullivan 5-4 in the last 16.
After COVID stopped the tournament being hosted for the last three years, £815,000 in all is up for grabs this week in Yushan, China.
Sunday's winner could scoop £170,000, with an extra £5,000 for whoever notches the highest break.
The runner-up wins £73,000, with £32,500 for the semi-finalists.