High-Flyer Quant

High-Flyer Quant is a quantitative investment firm founded by Liang Wenfeng, distinguished by a fully homegrown team rather than the US or European hedge fund backgrounds common among China's top quant shops . It reached RMB 100 billion in assets under management by 2021, earning a place among the "quant four kings," though it later voluntarily scaled back to around RMB 50 billion following significant product drawdowns in late 2021 . The firm has since pivoted aggressively into artificial intelligence: as early as 2019 it established an AI subsidiary and built out a self-developed deep learning training platform, "Firefly," with its second-generation cluster deploying roughly 10,000 Nvidia A100 GPUs—putting it among the handful of Chinese companies with the compute to train large language models . In May 2023, High-Flyer spun out its LLM efforts into a separate entity named DeepSeek, with Liang stating the goal is general artificial intelligence rather than vertical applications . As 暗涌Waves characterized it, the firm has consistently operated as an industry "disruptor," "unwilling to follow conventional paths" .