# High-Flyer

> Source: https://aiwiki.ai/wiki/high_flyer
> Updated: 2026-09-23
> Fact-checked: 2026-09-23
> Categories: AI Companies, AI Infrastructure, Chinese AI, Finance AI
> License: CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/) - attribute to "AI Wiki (aiwiki.ai)"
> Cite as: AI Wiki. "High-Flyer." aiwiki.ai, 23 Sept 2026. https://aiwiki.ai/wiki/high_flyer
> From AI Wiki (https://aiwiki.ai), the free encyclopedia of artificial intelligence. Reuse freely with attribution.

**High-Flyer** (Chinese: 幻方量化, pinyin Huànfāng Liànghuà), also styled **High-Flyer Quant**, is a Chinese quantitative hedge fund group based in Hangzhou that trades Chinese A-shares with machine-learning models and that incubated the AI company [DeepSeek](https://aiwiki.ai/wiki/deepseek). Its founding team, led by [Liang Wenfeng](https://aiwiki.ai/wiki/liang_wenfeng), began experimenting with automated trading in 2008 and set up the firm in 2015.[1][8] High-Flyer placed its first deep-learning-generated stock position into live trading on 21 October 2016 and says almost all of its strategies used AI models by the end of 2017.[1] To train those models it built two in-house GPU clusters, Fire-Flyer 1 and Fire-Flyer 2. The second held about 10,000 [NVIDIA A100](https://aiwiki.ai/wiki/nvidia_a100) GPUs and later served as the compute base for DeepSeek's early models.[1][7][8]

High-Flyer is a brand rather than a single legal entity. Its onshore business runs through two private securities fund managers registered with the Asset Management Association of China (AMAC), both with Liang as actual controller, plus a Hong Kong asset manager licensed by the Securities and Futures Commission.[2][4][5][6] Assets under management passed 10 billion yuan in 2019 and peaked in 2021, when Chinese media put them above 100 billion yuan and Bloomberg put them at about 90 billion yuan.[1][9][12] A record drawdown at the end of 2021 led to a public apology and a halt to new subscriptions.[9][11] In October 2024 it began winding its market-neutral (hedged) products down to zero.[19][20] It returned an average 56.6% across its funds in 2025, and in July 2026 it suffered steep losses in a rout of AI-linked stocks.[22][29][30]

## Names and legal entities

The Chinese brand is 幻方 (Huanfang), usually written 幻方量化 ("Huanfang Quant"). The group's own website uses "High-Flyer" and "High-Flyer Quant" in English, and the High-Flyer name also appears on its AI research unit and on the Hong Kong subsidiary.[1][2] English-language press most often names the asset manager "Zhejiang High-Flyer Asset Management", which is the English name of an entity whose Chinese registered name is 浙江九章资产管理有限公司 (Zhejiang Jiuzhang Asset Management).[2][5][9]

| Entity | Chinese name | Role | Registration | Source |
|---|---|---|---|---|
| High-Flyer Asset Management (Zhejiang) Co., Ltd. | 浙江九章资产管理有限公司 | Private securities fund manager, AMAC no. P1020148 | Established 11 June 2015; AMAC registration 6 August 2015 | [5][15] |
| High-Flyer Quant Investment Management (Ningbo) L.P. | 宁波幻方量化投资管理合伙企业（有限合伙） | Private securities fund manager, AMAC no. P1032021 | Established 15 February 2016; AMAC registration 28 June 2016 | [4] |
| High-Flyer Capital Management (Hong Kong) Limited | 幻方資本管理(香港)有限公司 | Type 9 (asset management) licence, SFC CE no. BOP309 | Licence effective 8 November 2019; approved as a QFII in 2020 | [1][6][15] |
| High-Flyer AI (Hangzhou High-Flyer AI Fundamental Research Co., Ltd.) | 杭州幻方人工智能基础研究有限公司 | AI algorithm research; built the Fire-Flyer clusters | Registered 2019 (December 2019 per Cailian Press) | [1][16] |

The AMAC register lists Liang Wenfeng as actual controller of both onshore managers. For the Zhejiang company it records the shareholders as Liang (85%), co-founder Xu Jin (7.5%) and a third holder (7.5%). Xu is the company's legal representative and the executive partner's appointed representative of the Ningbo partnership. The register lists the Ningbo partnership's contributors as Ningbo Huanfang Investment Management Co. (1%) and a partnership named 宁波程采企业管理咨询合伙企业 (99%).[4][5] Both managers report a management-scale bracket of "above 10 billion yuan", and both list the same Hangzhou office address.[4][5] High-Flyer's website names two offices: one on Huancheng North Road in Gongshu District, Hangzhou, and one in the Bank of East Asia Financial Building in Pudong, Shanghai.[3]

### People

| Person | Role (as registered or reported) | Source |
|---|---|---|
| Liang Wenfeng | Actual controller of both AMAC-registered managers; fund manager at the Zhejiang company from June 2015 and its managing director from December 2022; previously general manager of Hangzhou Yakebi Investment Management (2013-2015) | [4][5] |
| Xu Jin | Co-founder; executive partner's representative of the Ningbo partnership since March 2016 and legal representative of the Zhejiang company since March 2017 (also its general manager until February 2021); formerly a partner at Hangzhou Yakebi Investment Management | [4][5][17] |
| Lu Zhengzhe (Simon Lu) | Managing director and CEO of the Ningbo partnership since October 2019; its AMAC member representative | [4][8] |

Bloomberg describes the firm's origin as Liang and two former university classmates who began trading domestic stocks in 2008. It notes that none of the three had overseas or institutional trading experience.[8] Liang and Xu both studied at [Zhejiang University](https://aiwiki.ai/wiki/zhejiang_university): Liang studied electronic engineering there and earned a master's degree in information and communication engineering, and Xu holds a doctorate in signal and information processing from the university.[8][16] The AMAC work histories show that Liang, Xu and other senior staff worked at an earlier firm, Hangzhou Yakebi Investment Management (杭州雅克比投资管理有限公司), between 2013 and 2015.[4][5]

## History

### Origins (2008-2015)

High-Flyer's timeline labels 2008-2014 as a period of "exploration" in which the founding team explored fully automated trading from scratch.[1] In a 2020 interview, CEO Lu Zhengzhe said the team began exploring quantitative trading in 2008 while still at university, came from engineering and computer-science backgrounds, and treated 2008 to 2015 as a period of self-guided experimentation before the company was formally set up.[31] Bloomberg reports that the founders tried discretionary trading and arbitrage before settling on a systematic approach in 2015. They first built a model based on price-and-volume factors and then tried machine learning in 2016.[8]

### Shift to deep learning (2016-2018)

According to High-Flyer, its first stock position generated by a deep-learning model went into live trading on 21 October 2016, computed on GPUs. Before that its algorithms mainly used linear models and conventional machine learning running on CPUs.[1] The firm says that by the end of 2017 AI models were used in almost all of its quantitative strategies. In 2018 it made AI the company's main direction of development and won its first Golden Bull award for private funds.[1] The timeline also records that single-machine training had become a bottleneck by 2018, which pushed the firm toward large-scale computing.[1]

### Rapid growth and Fire-Flyer 1 (2019-2020)

High-Flyer says it became a "ten-billion" quant, a manager with more than 10 billion yuan of assets, in 2019. In the same year it registered High-Flyer AI and set up High-Flyer Capital Management (Hong Kong).[1] Chinese press dated the crossing of the 10-billion-yuan mark to August 2019.[12] Lu said in mid-2020 that the firm had spent nearly 200 million yuan on its computing infrastructure over three years, more than 100 million of it on hardware. He also said assets under management had passed 20 billion yuan during the 2017-2020 industry boom.[31]

### The 100-billion peak and the 2021 drawdown

Assets grew quickly through 2021. Chinese outlets reported that High-Flyer passed 100 billion yuan that year, becoming one of the "four kings" (四大天王) of Chinese quant investing.[13][22] Bloomberg reported about 90 billion yuan as of September 2021 and later described the peak as "more than $12 billion".[8][9]

Performance turned in the final months of 2021. On 15 November 2021 High-Flyer suspended subscriptions, including top-ups, to all of its products, and it later waived redemption fees on its yuan funds.[9][12] On the evening of 28 December 2021 it published a statement on its WeChat account saying its drawdown had reached a historic maximum and that "we feel deeply guilty" (深感愧疚).[9][11] The firm said its AI had picked stocks that were sound on long-term value but had timed trades poorly, and that the models tended to take on more risk when market style shifted sharply. It also blamed crowding in a quant industry that had grown too fast, and said it would control its total size and lower position concentration.[9][11] 21st Century Business Herald, citing PaiPaiWang data, reported a 10.66% drawdown from late August and a year-to-date return of 10.76% as of 27 December.[11] Reuters reported that one High-Flyer CSI 500 enhanced-index fund lost 13.1% in the fourth quarter while its benchmark gained 3.6%. A hedged fund lost 12.1% in the quarter and finished 2021 down 8.1%.[10]

### Contraction and the AGI turn (2022-2023)

Cailian Press reported at the end of 2021 that High-Flyer had cut more than 10 billion yuan of assets in about six weeks, to under 80 billion yuan, and planned to shrink further to around 50 billion yuan.[12] Bloomberg later wrote that assets fell by more than a third from the peak.[8] In 2021 the firm set up a public-welfare working group. Its 2022 timeline entry says the firm donated a total of 221.38 million yuan to charities and that an employee using the pseudonym "一只平凡的小猪" ("an ordinary little pig") personally donated 138 million yuan. It does not say whether the second figure is part of the first.[1]

In April 2023 High-Flyer announced that it would concentrate resources on artificial intelligence and set up a new, independent research organization to explore the nature of [artificial general intelligence](https://aiwiki.ai/wiki/artificial_general_intelligence). Yicai and 21st Century Business Herald dated the announcement, a WeChat post titled "幻方新征程" ("High-Flyer's new journey"), to 14 April, although the Waves article gave 11 April.[13][14][34] Lu wrote on social media that "AGI is not for trading stocks", and a company representative told Yicai that the effort was independent large-model research "unrelated to finance".[14] By May the new organization had been named 深度求索 (DeepSeek).[13] In an interview published that month with 36Kr's Waves (暗涌), Liang said the work would be done by a separate company, that High-Flyer was one of its funders with an ample R&D budget, and that High-Flyer's quant funds had largely stopped raising outside money.[13] DeepSeek's operating company, Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd., was set up in July 2023.[17][23]

In October 2023 High-Flyer said it had suspended Xu Jin after publicity over what it called his mishandling of personal family matters. The company said the decision did not affect the normal operation of its funds.[16] In the same report, the company told Cailian Press that its assets were a little over 40 billion yuan, which it considered a suitable size for its strategies. It said it was still not raising money through distribution channels and that, in future, its AI research and its private fund business would be run by two parallel companies under the same controller.[16] Xu remained on the AMAC register as the Ningbo partnership's executive partner representative in its latest filing.[4]

### 2024: small-cap rout and exit from hedged products

Chinese quant funds suffered heavy losses in early February 2024 as small-cap stocks sold off. A brokerage custody report cited by Jiemian put High-Flyer among the large managers whose CSI 500 enhanced products trailed the index by more than 10 percentage points in the week of 4-8 February.[33] On 6 February High-Flyer said it would invest 250 million yuan of its own money in its products.[19] In a product note it attributed the excess-return drawdown to poor adaptation to extreme short-term conditions and a portfolio that diverged widely from the index. It said it had tightened risk controls the week before the Spring Festival to protect against a liquidity crisis in small-cap stocks.[18] Later that month a High-Flyer representative denied market rumours that the firm had liquidated products or used DMA leverage.[18]

On 18 October 2024 High-Flyer told investors that it would gradually cut the investment positions of all its hedged (market-neutral) products to zero and waive their management fees from 28 October 2024. It said changed market conditions made it hard for these products to earn returns while limiting risk exposure.[20] The firm said hedged products were a small part of its assets. Securities Times reported that a September notice had put them below 5% of the total. Citing a person familiar with the matter, it also reported that High-Flyer had decided two years earlier to focus on long-only equity strategies.[20] Bloomberg later put assets at around 60 billion yuan after the shift.[8]

### 2025: DeepSeek and a 56.6% year

DeepSeek's release of [DeepSeek-R1](https://aiwiki.ai/wiki/deepseek_r1) in January 2025 triggered a global selloff in AI and chip stocks (see [DeepSeek market crash](https://aiwiki.ai/wiki/deepseek_market_crash)) and drew attention to the hedge fund behind it.[8] Bloomberg noted that Liang had previously said DeepSeek's research was funded from High-Flyer's R&D budget. It also reported that DeepSeek drew on the fund's compute, which had amassed 10,000 NVIDIA GPUs in 2021 before US export restrictions.[8]

For 2025, PaiPaiWang data put High-Flyer's average fund return at 56.55%. That ranked it second among Chinese quant managers with more than 10 billion yuan, behind Lingjun Investment (73.51%). The same data gave three-year and five-year average returns of 85.15% and 114.35%, and put assets above 70 billion yuan.[22][23] Hedgeweek, citing PaiPaiWang, reported that two strategies managed by Xu Jin averaged 58.6% and eight products overseen by Lu averaged about 56%.[21] Industry estimates quoted by 21st Century Business Herald and Hedgeweek put High-Flyer's 2025 fee revenue above $700 million, assuming a 1% management fee and 20% performance fee.[21][23]

### 2026

An AUM tracker published by the industry account "量化投资与机器学习" (Quant Investment and Machine Learning), cited in a National Business Daily report carried by 21jingji.com, placed High-Flyer in the 80-90 billion yuan bracket at the end of the first quarter of 2026. It had been in the 70-80 billion yuan bracket at the end of 2025.[24]

In late April 2026 DeepSeek's registered capital rose from 10 million to 15 million yuan. Liang subscribed the whole increase, which raised his direct stake from 1% to 34% and cut the holding of Ningbo Cheng'en Enterprise Management Consulting Partnership from 99% to 66%. Registry data put his ultimate beneficial interest at 84.3%.[25] Reuters reported in June 2026 that DeepSeek was set to raise about 50 billion yuan in its first outside funding round. Liang had reportedly committed 20 billion yuan of his own money, with Tencent and CATL the largest external investors under discussion.[26] CNBC wrote that DeepSeek, long financed by High-Flyer, had turned to outside investors because its capital needs had grown. It quoted a Hutong Research analyst as saying the first round amounted to more than 60% of High-Flyer's 80 billion yuan in assets.[30]

Both High-Flyer managers took part in the offline institutional subscription for the July 2026 Shanghai STAR Market listing of memory maker [CXMT](https://aiwiki.ai/wiki/cxmt). The offering documents listed 153 funds under the Ningbo partnership and 41 under the Zhejiang company.[27] According to PaiPaiWang data compiled by CNBC, the two managers received combined CXMT allocations worth 175 million yuan (about $26 million). Their allocation in the [Unitree Robotics](https://aiwiki.ai/wiki/unitree) IPO was about $5.8 million. DeepSeek separately took 2.31% of the Unitree offering as a strategic investor with a 36-month lock-up.[30]

The same month, a sharp fall in A-shares and AI-related stocks hit Chinese quants. Yicai reported, citing PaiPaiWang data, that several High-Flyer products fell more than 15% in the week of 13-17 July, and China Economic Net counted 12 High-Flyer funds that each lost more than 15% that week.[28][35] Bloomberg reported that a High-Flyer fund benchmarked to the CSI 1000 index fell 15.7% that week. Before the fall it had beaten its benchmark by an annualized 24 percentage points since its inception almost eight years earlier.[29] CNBC, citing state-backed media, reported that eight of High-Flyer's nine tracked products recorded losses in July and that quant fund performance rebounded in August.[30]

## Investment approach

High-Flyer describes itself as an AI-driven hedge fund. It says it uses neural networks on large volumes of data and builds natural-language-processing models to analyze financial and economic behaviour.[2] In the 2020 interview Lu said every stage from data collection and model training to portfolio construction and trade execution was automated, and that the firm had no traditional portfolio managers. It worked instead through a 120-person strategy-development team, more than half of whom specialized in AI, IT or research.[31] He said the largest source of its alpha was trading opportunities created by market volatility, and described High-Flyer as a major player in stock selection based on price-and-volume signals.[31] The firm's fund page says it has accumulated market, financial and macroeconomic data since 2008, totalling more than 10 PB. It also says it serves more than 10,000 high-net-worth clients as well as institutional investors.[2]

Its products are mostly benchmarked to Chinese equity indices such as the CSI 300, CSI 500 and CSI 1000.[11][28] Since winding down its hedged products in 2024 the firm has concentrated on long-only index-enhanced strategies.[20][21] In a July 2024 statement, High-Flyer argued that quant trading as a whole tends to damp market volatility rather than amplify it.[17]

## AI infrastructure

High-Flyer's AI unit designed its own training clusters and software stack. The later DeepSeek papers describe the same stack.

| System | Year | Scale (as reported) | Notes | Source |
|---|---|---|---|---|
| Fire-Flyer 1 (萤火一号) | Built 2019; in use 2020 | 500 GPUs with 200 Gbps interconnect at launch; 1,100 accelerator cards in 2020 | Total investment close to 200 million yuan; retired in 2021 after about 18 months | [1][16] |
| Fire-Flyer 2 (萤火二号) | 2021 onward | About 10,000 PCIe NVIDIA A100 GPUs | About 1 billion yuan; capacity doubled in 2022 with a larger switch fabric | [1][7][13] |

Liang told Waves that the firm's GPU count had grown step by step, from one card at first to 100 in 2015, 1,000 in 2019 and then 10,000. In the same interview, Waves described High-Flyer as one of the first companies in the Asia-Pacific region to obtain A100 cards, in 2021.[13]

A paper on the system, "Fire-Flyer AI-HPC: A Cost-Effective Software-Hardware Co-Design for Deep Learning" (arXiv 2408.14158), was accepted at the SC'24 supercomputing conference. It is credited to authors affiliated with DeepSeek-AI, including Liang.[7] The paper describes 10,000 PCIe A100 GPUs, with each 8-GPU node served by a single 200 Gbps [InfiniBand](https://aiwiki.ai/wiki/infiniband) NIC. The network uses a two-zone fat-tree in which each zone's 800-port switch connects about 600 GPU nodes, and storage runs on 180 storage nodes.[7] The authors report about 80% of the performance of an [NVIDIA DGX](https://aiwiki.ai/wiki/nvidia_dgx) A100 cluster at about half the cost, 40% lower energy use, and total power consumption not exceeding 4 MW.[7]

The main software components are:

- **HFReduce**, an allreduce communication library for distributed training.[3][7]
- **hfai.nn**, a library of optimized deep-learning operators.[3]
- **3FS**, a parallel file system. The paper reports a total read throughput of 8 TB/s. DeepSeek open-sourced it in February 2025 as the [Fire-Flyer File System](https://aiwiki.ai/wiki/fire_flyer_file_system).[3][7][36]
- **HAI Platform**, a scheduler that shares the cluster through task-level time-sharing.[3][7]

High-Flyer reports that in 2022 the cluster ran 1.35 million tasks totalling 56.74 million GPU hours at an average occupancy above 96%. It says 15.33 million GPU hours (27%) of idle capacity went to research support.[1] In June 2023 the firm's technical blog described HAI-LLM, an in-house tool for training large models on its GPU clusters.[32] DeepSeek later used HAI-LLM to train [DeepSeek-V2](https://aiwiki.ai/wiki/deepseek_v2).[34]

## Relationship with DeepSeek

DeepSeek grew out of High-Flyer but is a separate company. When DeepSeek was launched, Liang called High-Flyer "one of our funders".[13] In July 2024, 21st Century Business Herald reported that High-Flyer funded DeepSeek's first phase of research with 3 billion yuan of its own money, with support from the Fire-Flyer cluster. In the same report Xu Jin described the two as separate businesses ("幻方还是那个幻方，DeepSeek是DeepSeek", "High-Flyer is still High-Flyer, DeepSeek is DeepSeek") and called quant trading High-Flyer's core business.[17] The Fire-Flyer AI-HPC paper benchmarks DeepSeekMoE-16B training on Fire-Flyer 2. It describes 3FS-KV, a layer built on 3FS that supports DeepSeek's on-disk KV context caching.[7]

Formally, DeepSeek's shareholders are Liang and a Ningbo partnership rather than the AMAC-registered fund managers. Liang is the common controller.[4][5][25] DeepSeek's 2026 round was the first in which it took money from outside investors.[26][30]

## See also

- [DeepSeek](https://aiwiki.ai/wiki/deepseek)
- [Liang Wenfeng](https://aiwiki.ai/wiki/liang_wenfeng)
- [Fire-Flyer File System](https://aiwiki.ai/wiki/fire_flyer_file_system)
- [DeepSeek-V3](https://aiwiki.ai/wiki/deepseek_v3)
- [AI in finance](https://aiwiki.ai/wiki/ai_in_finance)
- [Artificial intelligence in China](https://aiwiki.ai/wiki/china_ai)

## References

1. High-Flyer. "History" (幻方历程). High-Flyer website, English and Chinese versions. https://www.high-flyer.cn/en/history
2. High-Flyer. "Quant" (量化基金). High-Flyer website, English and Chinese versions. https://www.high-flyer.cn/en/fund
3. High-Flyer. "Home". High-Flyer website (Fire-Flyer II overview; usage statistics as of February 2022; office addresses). https://www.high-flyer.cn/en/
4. Asset Management Association of China. "私募基金管理人公示信息: 宁波幻方量化投资管理合伙企业（有限合伙）" (Private fund manager disclosure: High-Flyer Quant Investment Management (Ningbo) L.P., P1032021). Information last updated 10 November 2025. https://gs.amac.org.cn/amac-infodisc/res/pof/manager/101000052186.html
5. Asset Management Association of China. "私募基金管理人公示信息: 浙江九章资产管理有限公司" (Private fund manager disclosure: High-Flyer Asset Management (Zhejiang) Co., Ltd., P1020148). Information last updated 27 November 2025. https://gs.amac.org.cn/amac-infodisc/res/pof/manager/101000028665.html
6. Securities and Futures Commission of Hong Kong. "Public Register of Licensed Persons and Registered Institutions: High-Flyer Capital Management (Hong Kong) Limited (BOP309)". https://apps.sfc.hk/publicregWeb/corp/BOP309/details
7. An, Wei, et al. (DeepSeek-AI). "Fire-Flyer AI-HPC: A Cost-Effective Software-Hardware Co-Design for Deep Learning". arXiv:2408.14158, August 2024 (SC'24). https://arxiv.org/abs/2408.14158
8. Bloomberg News. "Chinese Quant Whiz Built DeepSeek In The Shadow Of a Hedge Fund Rout". Bloomberg, via Yahoo Finance, 28 January 2025. https://finance.yahoo.com/news/chinese-quant-whiz-built-deepseek-105558643.html
9. Bloomberg News. "China's Top Quant Hedge Fund High-Flyer Apologizes for Loss". Bloomberg, via The WealthAdvisor, 30 December 2021. https://www.thewealthadvisor.com/article/chinas-top-quant-hedge-fund-high-flyer-apologizes-loss
10. Reuters. "China's quant funds become victims of their own success". Via Yahoo Finance, 4 January 2022. https://finance.yahoo.com/news/chinas-quant-funds-become-victims-073922493.html
11. 21st Century Business Herald. "AI失灵？回撤达历史极值 量化巨头幻方道歉！'不赚钱还高收费' 令投资人怨声载道" (AI failure? Drawdown hits a record as quant giant High-Flyer apologizes). 21jingji.com, 29 December 2021. https://www.21jingji.com/article/20211229/herald/48f587aa2a9b63c99cb4758dcfa24e21.html
12. Time Weekly, via Sina Finance. "千亿私募连续致歉：幻方量化多款产品创下最大回撤，扩张过快研发跟不上？" (100-billion private fund apologizes again: several High-Flyer products hit record drawdowns). 30 December 2021. https://finance.sina.com.cn/money/smjj/smdt/2021-12-30/doc-ikyamrmz2073782.shtml
13. Yu Lili (36Kr Waves / 暗涌). "疯狂的幻方：一家隐形AI巨头的大模型之路" (Crazy High-Flyer: a hidden AI giant's road to large models). Via Sina Finance, 24 May 2023. https://finance.sina.cn/fund/jjyj/2023-05-24/detail-imyuwfwe3048541.d.html
14. Yicai. "独家|幻方量化回应市场关注：AGI不是用来炒股的，'和金融没关系'" (Exclusive: High-Flyer responds, AGI is not for trading stocks, "nothing to do with finance"). 16 April 2023. https://www.yicai.com/news/101732215.html
15. High-Flyer. "Quant" (Chinese version, 量化基金), listing of subsidiaries and registration numbers. https://www.high-flyer.cn/fund
16. Cailian Press. "幻方量化深夜处置婚外情事件：涉事创始人停职，量化圈再被带到风口浪尖" (High-Flyer suspends founder at night; quant sector back in the spotlight). 27 October 2023. https://www.cls.cn/detail/1498506
17. Li Yu, 21st Century Business Herald, via Securities Times (stcn.com). "量化巨头幻方搅局AI大模型：首期投入自有资金30亿元" (Quant giant High-Flyer shakes up AI large models: 3 billion yuan of own funds in first phase). 19 July 2024. https://www.stcn.com/article/detail/1263664.html
18. 21st Century Business Herald (SFCCN). "量化'风暴眼'：安抚、沟通与辟谣、反思丨21私募通" (Quant "eye of the storm": reassurance, communication, rebuttals and reflection). 21 February 2024. https://www.sfccn.com/2024/2-21/0NMDE0MDRfMTg5ODU0NQ.html
19. China Economic Net, via Sina Finance. "量化私募龙头幻方量化2024年：36只产品年内仍亏损" (Quant leader High-Flyer in 2024: 36 products still loss-making for the year). 31 December 2024. https://finance.sina.com.cn/roll/2024-12-31/doc-ineciccv1668598.shtml
20. Securities Times (券商中国), via Sina Finance. "计划对冲产品投资仓位清零！量化巨头幻方量化深夜发声" (High-Flyer plans to cut hedged product positions to zero). 19 October 2024. https://finance.sina.com.cn/wm/2024-10-19/doc-incsztuc8007378.shtml
21. Hedgeweek. "High-Flyer posts 57% gain as China's quant hedge funds outperform". 13 January 2026. https://www.hedgeweek.com/high-flyer-posts-57-gain-as-chinas-quant-hedge-funds-outperform/
22. Sina Finance. "梁文锋旗下幻方量化去年收益率56.6%，位列百亿级量化基金业绩榜第二" (Liang Wenfeng's High-Flyer returned 56.6% last year, second among 10-billion-yuan quant funds). 14 January 2026. https://finance.sina.com.cn/jjxw/2026-01-14/doc-inhhhahx4135137.shtml
23. 21st Century Business Herald. "幻方量化去年收益率56.6%，为DeepSeek提供超级弹药" (High-Flyer's 56.6% return last year gives DeepSeek ammunition). 14 January 2026. https://www.21jingji.com/article/20260114/herald/c28662157ae4f0d9f2c7c944101a35ad.html
24. National Business Daily (每日经济新闻), via 21jingji.com. "杀疯了！量化基金集体狂飙，四家'顶流'私募规模均超800亿元" (Quant funds surge; four top private funds each exceed 80 billion yuan). 6 April 2026. https://www.21jingji.com/article/20260406/herald/c5cfda30bbe7dfc103b72bba3c0be732.html
25. Yicai. "DeepSeek注册资本增加500万，梁文锋总持股超84%" (DeepSeek adds 5 million yuan of registered capital; Liang Wenfeng's total holding exceeds 84%). 28 April 2026. https://www.yicai.com/brief/103156459.html
26. Reuters, via CNBC. "DeepSeek slated to draw $7 billion in maiden fundraising, sources say". 3 June 2026. https://www.cnbc.com/2026/06/03/deepseek-slated-to-draw-7-billion-in-maiden-fundraising-sources-say.html
27. Yicai. "旗下近两百只基金申购，梁文锋打新长鑫科技" (Nearly 200 funds subscribe as Liang Wenfeng bids for CXMT IPO shares). 16 July 2026. https://www.yicai.com/news/103278399.html
28. Yicai. "百亿量化私募产品净值集体下挫，幻方量化多只产品单周回撤超15%" (Large quant funds' net values fall; several High-Flyer products drop more than 15% in a week). 22 July 2026. https://www.yicai.com/news/103288176.html
29. Bloomberg, via The Edge Malaysia. "DeepSeek founder's fund slumps 16% as AI rout hits China quants". 20 July 2026. https://theedgemalaysia.com/node/811342
30. Anniek Bao. "DeepSeek looks for fresh capital as founder's quant empire navigates China's choppy IPO market". CNBC, 28 August 2026. https://www.cnbc.com/2026/08/28/deepseek-founder-liang-wenfeng-high-flyer-china-tech-ipos-funding.html
31. Pekingnology. "CEO of DeepSeek's parent, High-Flyer Quant, spoke in 2020" (English translation of Zhu Ang's 10 June 2020 interview with Lu Zhengzhe). https://www.pekingnology.com/p/ceo-of-deepseeks-parent-high-flyer
32. High-Flyer. "Blog" (技术博客), post "HAI-LLM：高效且轻量的大模型训练工具", 27 June 2023. https://www.high-flyer.cn/en/blog/
33. Jiemian. "节前遭遇大回撤，多家百亿量化私募年内亏损超20%？" (Big drawdowns before the holiday: several large quant funds down more than 20% this year?). February 2024. https://www.jiemian.com/article/10820418.html
34. 21st Century Business Herald. "定价仅为GPT-4百分之一！ 幻方量化推'高性价比'大模型 量化私募打响AI界价格战？" (Priced at one-hundredth of GPT-4: High-Flyer launches a cost-effective large model). 13 May 2024. https://www.21jingji.com/article/20240513/herald/8d9e1221cec6bd7e61ba714ea767a871.html
35. China Economic Net. "量化巨头幻方量化旗下12只基金上周遇挫 均跌超15%" (12 funds of quant giant High-Flyer each fell more than 15% last week). 23 July 2026. http://finance.ce.cn/jjpd/jjpdgd/202607/t20260723_3103964.shtml
36. DeepSeek. "Open Infra Index" (Open Source Week, Day 5: "3FS, Thruster for All DeepSeek Data Access"). GitHub, February 2025. https://github.com/deepseek-ai/open-infra-index