High-Flyer (幻方量化)

A hedge fund that produced a globally consequential AI lab almost as a side effect. High-Flyer's founders began probing algorithmic trading during the 2008 crisis, ran their first deep-learning trade in October 2016, and built Fire-Flyer, a proprietary supercomputing cluster for training their own models. In April 2023 they spun that research muscle into DeepSeek, the AGI subsidiary whose open-weight models drew global attention in early 2025 for matching frontier systems at a fraction of the training cost.

Founded in 2016 by Liang Wenfeng, Xu Jin, and Zheng Dawei, all Zhejiang University graduates, the firm runs through AMAC-regulated subsidiaries in Hangzhou and Ningbo and a Hong Kong arm licensed in 2019. It has taken multiple Golden Bull Awards, the most prestigious honor in Chinese asset management.