Английская Википедия:High-Flyer (company)

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High-Flyer (Шаблон:Zh) is a Hangzhou-based hedge fund and artificial intelligence (AI) company founded in 2015. It is one of the largest quantitative funds in China.

History

High-Flyer was founded in 2015 by three engineers from Zhejiang University.[1][2][3] They generated ideas of algorithmic trading as students during the 2007–2008 financial crisis.[1][2][3] The company has two AMAC 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.[1][3] The two subsidiaries have over 450 investment products.[3]

In 2016 the firm experimented with a deep learning algorithmic model to take stock positions and began testing in trading the following year.[2]

In 2019, the company established High-Flyer AI which was dedicated to research on AI algorithms and its basic applications.[4] In the same year the company set up a SFC regulated subsidiary in Hong Kong named High-Flyer Capital Management (Hong Kong) Limited.[4] It was approved as a Qualified Foreign Institutional Investor one year later.[5][6]

In 2020, the company established Fire-Flyer I, a supercomputer that focuses on AI deep learning.[3][5] It cost approximately 200 million Yuan.[3][5]

In 2021, Fire-Flyer I was retired and was replaced by Fire-Flyer II which cost 1 billion Yuan.[6]

At the end of 2021, High-Flyer put out a public statement on WeChat apologizing for its losses in assets due to poor performance.[7][3] The performance of over 100 of its investment products declined by over 10%.[3] High-Flyer stated that its AI models did not time trades well although its stock selection was fine in terms of long-term value.[7][3] The models would take on higher risk during marker fluctuations which deepened the decline.[7][3] In addition the company stated it had expanded its assets too quickly leading to similar trading strategies that made operations more difficult.[7][3] Up until this point, High-Flyer produced returns that were 20%-50% more than stock-market benchmarks in the past few years.[3] Higher

In 2022, the company donated 221 million Yuan to charity as the Chinese government pushed firms to do more in the name of "common prosperity".[8]

In March 2023, it was reported that High-Flyer was being sued by Shanghai Ruitian Investment LLC for hiring one of its employees.[9] 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 anti-competitive practices.[9] In May 2023, the court ruled in favour of High-Flyer.[10]

In April 2023, High-Flyer announced it would form a new research body to explore the essence of artificial general intelligence. However it would not be used to perform stock trading.[11]

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".[12]

Background

High-Flyer's investment and research team had 160 members as of 2021 which include Olympiad Gold medalists, internet giant experts and senior researchers.[13] It has been trying to recruit deep learning scientists by offering annual salaries of up to 2 million Yuan.[2]

See also

References

Шаблон:Reflist

External links

Шаблон:Hedge funds Шаблон:Authority control

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  1. ↑ 1,0 1,1 1,2 Ошибка цитирования Неверный тег <ref>; для сносок Jiemian не указан текст
  2. ↑ 2,0 2,1 2,2 2,3 Ошибка цитирования Неверный тег <ref>; для сносок BBG1 не указан текст
  3. ↑ 3,00 3,01 3,02 3,03 3,04 3,05 3,06 3,07 3,08 3,09 3,10 3,11 Шаблон:Cite web
  4. ↑ 4,0 4,1 Шаблон:Cite web
  5. ↑ 5,0 5,1 5,2 Шаблон:Cite web
  6. ↑ 6,0 6,1 Шаблон:Cite web
  7. ↑ 7,0 7,1 7,2 7,3 Ошибка цитирования Неверный тег <ref>; для сносок BBG2 не указан текст
  8. ↑ Шаблон:Cite news
  9. ↑ 9,0 9,1 Ошибка цитирования Неверный тег <ref>; для сносок BBG3 не указан текст
  10. ↑ Шаблон:Cite news
  11. ↑ Шаблон:Cite web
  12. ↑ Шаблон:Cite web
  13. ↑ Шаблон:Cite news
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