Chengdu ZhaoYu Investment

Chengdu ZhaoYu was among China's first ETF arbitrageurs, in the trade from the 2005 launch of the Shanghai 50 ETF, the country's first exchange-traded fund. That early-mover position made it one of the largest institutional arbitrage operations in western China, a distinction unusual for a house sitting outside the Beijing and Shanghai financial corridor.

The firm was established in 2007 by Li Qiang, who had already traded securities and futures through several full bull-bear cycles, and registered as a private securities fund. Its book spans statistical arbitrage, relative value, quantitative long/short, event-driven, and PIPE strategies. The emphasis throughout is absolute return with tight risk control, an approach carried from those earliest ETF days into a broader multi-strategy stance.