【A-share Quantitative Trading】

Top private fund managers (largest assets under management, but also where controversies are most concentrated):
• High-Flyer Quant (High-Flyer, i.e., the parent company of DeepSeek)
• Jiukun Investment
• Mingwei Investment
• Lingjun Investment (in February 2024, it was penalized by the Shanghai and Shenzhen exchanges for abnormal trading—this was a landmark event)
• Beyond High-Flyer, the “Big Four quants / top tier” also includes: Chengqi Asset, Yanfu Investment, Qilin Investment, Jinde Asset, Kuande Investment, Mingshi Investment, Sixie Investment, etc.
• With foreign capital background: Ruilian Jingshun, Two Sigma China, etc.
📝 The quant lines at brokerage proprietary trading and asset management, and publicly offered quant funds (such as various index enhancement and quant stock-picking products), have relatively moderate scale. Market criticism is mainly focused on private fund high-frequency and market-neutral strategies. Overall, quant management scale once rose to about 1.5 trillion, with the top firms individually each managing over 15k, and high-frequency / T+0 strategies have extremely high turnover rates, with the share of trading volume contributed far exceeding their share of capital.