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risk during marker fluctuations which deepened the decline. In addition the company stated it had expanded its assets too quickly leading to similar trading strategies that made operations more difficult. Up until this point, High-Flyer produced returns that were 20%-50% more than stock-market benchmarks in the past few years.
281:
In March 2023, it was reported that High-Flyer was being sued by
Shanghai Ruitian Investment LLC for hiring one of its employees. The rival firm stated the former employee possessed quantitative strategy codes that are considered "core commercial secrets" and sought 5 million Yuan in compensation for
262:
apologizing for its losses in assets due to poor performance. The performance of over 100 of its investment products declined by over 10%. High-Flyer stated that its AI models did not time trades well although its stock selection was fine in terms of long-term value. The models would take on higher
222:
regulated subsidiaries, Zhejiang High-Flyer Asset
Management Co., Ltd. and Ningbo High-Flyer Quant Investment Management Partnership LLP which were established in 2015 and 2016 respectively. The two subsidiaries have over 450 investment products.
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Gold medalists, internet giant experts and senior researchers. It has been trying to recruit deep learning scientists by offering annual salaries of up to 2 million Yuan.
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1426:
756:
1406:
233:
In 2019, the company established High-Flyer AI which was dedicated to research on AI algorithms and its basic applications. In the same year the company set up a
296:
In
October 2023, High-Flyer announced it had suspended its co-founder and senior executive Xu Jin from work due to his "improper handling of a family matter".
255:
In 2021, Fire-Flyer I was retired and was replaced by Fire-Flyer II which cost 1 billion Yuan. By this year all of High-Flyer’s strategies were using AI.
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312:(LLM) named DeepSeek-V2 that was cheaper than its peers with a price of 2 RMB for every million output tokens.
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757:"[Exclusive] Chinese Quant Hedge Fund High-Flyer Won't Use AGI to Trade Stocks, MD Says"
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In April 2023, High-Flyer announced it would form a new research body to explore the essence of
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algorithmic model to take stock positions and began testing in trading the following year.
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High-Flyer's investment and research team had 160 members as of 2021 which include
788:"Top China hedge fund suspends founder, cites reputational hit from family matter"
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named High-Flyer
Capital Management (Hong Kong) Limited. It was approved as a
187:
59:
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that focuses on AI deep learning. It cost approximately 200 million Yuan.
183:
107:
103:
316:
Tiger Lab’s leaderboard ranked DeepSeek-V2 seventh on its LLM ranking.
806:"China Hedge Funds Pay $ 300,000 to Beat Wall Street to Best Graduates"
565:"Top Chinese Quant Fund Apologizes to Investors After Recent Struggles"
28:
259:
173:
849:
697:"China Quant Fund Donates $ 53 Million as Xi Stresses Philanthropy"
485:"Hedge Fund Feud Over China Quant Trader Shows Growing Talent War"
111:
727:"China Hedge Fund Loses Case Against Top Quant Who Joined Rival"
331:
From 2018 to 2024, High-Flyer has consistently outperformed the
860:
856:
411:"Billions Going to China's Quants Takes Fight to Global Funds"
450:"China's Top Quant Hedge Fund High-Flyer Apologizes for Loss"
258:
At the end of 2021, High-Flyer put out a public statement on
840:
293:. However it would not be used to perform stock trading.
286:. In May 2023, the court ruled in favour of High-Flyer.
206:
High-Flyer was founded in 2015 by three engineers from
194:(AI) company founded in 2015. It is one of the largest
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16:China-based quantitative hedge fund and AI company
850:High-Flyer Capital Management (Hong Kong) Limited
266:In 2022, the company donated 221 million Yuan to
248:In 2020, the company established Fire-Flyer I, a
1417:Financial services companies established in 2015
872:
8:
21:
1356:Alternative investment management companies
1333:Standards Board for Alternative Investments
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1237:Taxation of private equity and hedge funds
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900:
879:
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523:"The Chinese quant fund-turned-AI pioneer"
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20:
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1432:Technology companies established in 2015
1427:Investment management companies of China
305:reported that High-Flyer had created an
274:pushed firms to do more in the name of "
243:Qualified Foreign Institutional Investor
356:
816:from the original on 15 September 2021
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1407:Chinese companies established in 2015
937:fixed-income relative-value investing
767:from the original on 31 December 2023
643:from the original on 28 February 2023
575:from the original on 28 February 2023
558:
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382:from the original on 28 February 2023
226:In 2016 the firm experimented with a
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495:from the original on 9 March 2023
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786:Zhen, Summer (27 October 2023).
667:"幻方量化"萤火二号"堪比76万台电脑？两个月规模猛增200亿"
421:from the original on 25 May 2022
291:artificial general intelligence
153:Footnotes / references
521:McMorrow, Ryan (9 June 2024).
178:
169:
123:US$ 8 billion (June 2024)
1:
1211:security characteristic line
345:Hedge fund industry in China
1412:Companies based in Hangzhou
1199:Capital asset pricing model
918:Capital structure arbitrage
1448:
1001:Commodity trading advisors
633:"起底私募"新通道"，幻方量化"曲线玩法"揭开盖子"
598:"顶流量化私募集体出手！拿下这一牌照_财经_中国网"
284:anti-competitive practices
216:2007–2008 financial crisis
210:. They generated ideas of
75:; 9 years ago
1346:
1338:Managed Funds Association
1282:High-net-worth individual
1055:
151:
26:
1175:Arbitrage pricing theory
237:regulated subsidiary in
1287:Institutional investors
1180:Assets under management
1005:managed futures account
665:财联社 (29 January 2021).
214:as students during the
192:artificial intelligence
64:Artificial intelligence
1312:Sovereign wealth funds
1084:High-frequency trading
933:Fixed income arbitrage
314:University of Waterloo
218:. The company has two
1154:Structured securities
970:Distressed securities
942:Statistical arbitrage
928:Equity market neutral
923:Convertible arbitrage
372:"百亿幻方量化规模爆增的后遗症|界面新闻"
1272:Financial endowments
1217:Fundamental analysis
965:Shareholder activism
947:Volatility arbitrage
602:finance.china.com.cn
456:. 29 December 2021.
310:Large language model
1386:List of hedge funds
1376:Hedge fund managers
1292:Insurance companies
1277:Fund of hedge funds
1185:Black–Scholes model
1099:Proprietary trading
1074:Algorithmic trading
1041:Fund of hedge funds
761:www.yicaiglobal.com
703:. 11 January 2023.
671:finance.sina.com.cn
212:algorithmic trading
208:Zhejiang University
129:Number of employees
23:
1242:Technical analysis
812:. 31 August 2021.
272:Chinese government
196:quantitative funds
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1020:Long/short equity
996:Convergence trade
980:Special situation
276:common prosperity
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1297:Investment banks
1144:Foreign exchange
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841:Official website
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491:. 7 March 2023.
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245:one year later.
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1328:Fund governance
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1170:Absolute return
1158:
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1094:Program trading
1089:Prime brokerage
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1025:Trend following
1010:Dedicated short
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733:. 25 May 2023.
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563:Feng, Rebecca.
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417:. 31 May 2020.
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376:www.jiemian.com
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302:Financial Times
299:In June 2024,
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1227:Securitization
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975:Risk arbitrage
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910:relative value
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833:External links
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639:(in Chinese).
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810:Bloomberg.com
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731:Bloomberg.com
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333:CSI 300 Index
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1139:Fixed income
1015:Global macro
957:Event-driven
818:. Retrieved
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769:. Retrieved
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739:. Retrieved
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100:Headquarters
46:Company type
18:
1422:Hedge funds
1366:Hedge funds
1129:Derivatives
1124:Commodities
1079:Day trading
989:Directional
888:Hedge funds
820:28 February
771:31 December
741:31 December
711:28 February
647:28 February
637:c.m.163.com
307:open source
93:Zheng Dawei
37:Native name
1401:Categories
1321:Governance
895:Investment
527:www.ft.com
351:References
320:Background
198:in China.
188:hedge fund
162:High-Flyer
143:high-flyer
133:160 (2021)
60:Hedge fund
22:High-Flyer
1255:Investors
905:Arbitrage
239:Hong Kong
179:Huàn Fāng
897:strategy
814:Archived
765:Archived
735:Archived
705:Archived
675:Archived
641:Archived
606:Archived
573:Archived
493:Archived
458:Archived
419:Archived
380:Archived
339:See also
326:Olympiad
184:Hangzhou
108:Zhejiang
104:Hangzhou
88:Founders
56:Industry
1117:Markets
1108:Related
1067:Trading
792:Reuters
681:1 March
612:1 March
579:1 March
499:7 March
464:1 March
425:1 March
386:1 March
270:as the
268:charity
202:History
186:-based
182:) is a
166:Chinese
138:Website
78: (
70:Founded
50:Private
1189:Greeks
1134:Equity
260:WeChat
176::
174:pinyin
168::
91:Xu Jin
1232:Short
1222:Hedge
1203:alpha
1110:terms
1034:Other
112:China
1207:beta
1163:Misc
822:2023
773:2023
743:2023
713:2023
683:2023
649:2023
614:2023
581:2023
501:2023
466:2023
427:2023
388:2023
220:AMAC
190:and
80:2015
73:2015
569:WSJ
278:".
235:SFC
145:.cn
119:AUM
1403::
1209:/
1205:/
1191::
1043:/
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935:/
808:.
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763:.
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699:.
673:.
669:.
657:^
635:.
622:^
604:.
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509:^
487:.
474:^
452:.
435:^
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396:^
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359:^
335:.
172:;
170:幻方
110:,
106:,
41:幻方
1213:)
1201:(
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1187:(
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880:e
873:t
866:v
824:.
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715:.
685:.
651:.
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