High-Flyer Quant, co-owned by DeepSeek founder and CEO Liang Wenfeng, recorded a return of 56.6% last year, reports the South China Morning Post. This ranks it second among China’s 10 top-performing large hedge-fund firms.
According to the ranking published on Monday by data provider Shenzhen PaiPaiWang Investment & Management, High-Flyer only trailed behind Lingjun Investment, which posted a return of 73.5% in 2025.
All the top performers were quantitative hedge funds, underscoring the popularity in China of using complex quantitative models to detect investment opportunities. “Quant funds” use mathematical and statistical techniques, together with automated algorithms and advanced quantitative models, to make investment decisions and execute trades.