Shanghai, 20 July 2026 – A fund managed by DeepSeek founder Liang Wenfeng’s High-Flyer has fallen about 16% during China’s latest artificial intelligence stock sell-off, exposing the risks facing quantitative strategies after a period of exceptional growth and heavy investor inflows.
The decline marks a sharp reversal for one of China’s most prominent algorithm-driven investment firms. High-Flyer’s funds delivered average returns of about 56.6% in 2025, placing the company among the country’s strongest-performing large quantitative managers.
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