鸣石基金

What 鸣石基金 does

Mingshi Fund (Shanghai Mingshi Private Fund Management Co., Ltd. / 鸣石基金) is one of the earliest quantitative hedge funds established in China, founded in December 2010 and headquartered in Shanghai. The firm develops and deploys systematic, factor-based investment strategies for institutional and high-net-worth investors, including banks, securities firms, insurance companies, family offices, and international investors. Mingshi maintains offices in Shanghai, Hong Kong (operating under a Hong Kong SFC Type 9 asset management license via Mingshi HK), and New York, supporting both onshore RMB mandates and offshore USD mandates. The firm is co-founded by Prof. Yu Yuan (Wharton PhD) and Prof. Robert Stambaugh (Wharton professor of finance), giving it direct academic lineage into top-tier quantitative finance research.

Mingshi's core offering centers on its proprietary "Five Rings Multi Core" quantitative factory model, comprising five interlocking modules: factor research, artificial intelligence, optimization, risk control, and trading. The firm operates G-Lab (Genesis AI Laboratory), a dedicated fundamental AI research unit, and the Constellation Plan supercomputing center with 15,000 cores that supports strategy research, back-testing, and execution at scale. The product portfolio spans six strategy families: Market Neutral, Index Enhancement, CTA (Commodity Trading Advisor), Quantitative Long-Only, Timing Hedging, and Intraday High Frequency. The firm co-developed China's first mathematical finance laboratory in partnership with Shanghai University of Finance and Economics (SUFE), anchoring its academic talent pipeline. The firm reports 20+ system optimizations per year as part of its continuous IP build-up.

The firm generates revenue primarily through management fees and performance fees on assets under management. Onshore AUM exceeds 100 billion RMB, with several hundred million USD held in offshore funds. The business model is anchored on long-only institutional mandates and fee-based AUM growth, with offshore expansion via Mingshi HK providing a secondary revenue stream targeting international institutional capital. Operational headcount has grown from approximately 30 employees at 2 billion RMB AUM to 129-160 employees at current scale, with the firm actively recruiting AI scientists globally as of March 2025 to deepen its quantitative and AI research capabilities.

Name

鸣石基金

Legal name

Shanghai Mingshi Private Fund Management Co., Ltd. (上海鸣石私募基金管理有限公司)

Website

https://en.mingshiim.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

Mingshi Fund (鸣石基金) is a Shanghai-headquartered Chinese quantitative hedge fund founded in 2010, managing 100+ billion RMB onshore and several hundred million USD offshore. It deploys AI-driven factor strategies across six product families for institutional and high-net-worth investors across China, Hong Kong, and the United States.

Ownership category

akta.pro rank

Product category

Quantitative Asset Management

NAICS

Portfolio Management and Investment Advice (523940), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Quant Credit (CDS, Structured Credit, Credit RV/Stat Arb) (FSAHAEAE)

Keywords

• Quantitative investment management
• Private fund management
• Market neutral strategies
• Index enhancement strategies
• Algorithmic trading

Headquarters

HQ city

Shanghai

HQ country

China

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Quantitative Fund Management: Manages quantitative hedge fund products including market neutral, index enhancement, and CTA strategies for qualified investors. Revenue derived from management fees and performance fees (typical 2/20 structure implied for hedge funds). AUM-based revenue model with both onshore (100+ billion RMB) and offshore (several hundred million USD) operations.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Shanghai Mingshi is a quantitative private fund management firm managing hedge fund products for qualified investors in China and internationally. Core offerings include Market Neutral, Index Enhancement, CTA, Quantitative Long-Only, Timing Hedging, and Intraday High Frequency strategies across equities, derivatives, and commodities in the China A-share market. Strategies are developed and executed via the proprietary Five Rings Multi Core quantitative factory model with assembly-line research across factors, AI, optimization, risk control, and trading execution.

Product overview

Mingshi Fund (鸣石基金) offers a comprehensive suite of quantitative investment products covering equities, derivatives, and commodities. The core product portfolio includes Market Neutral strategies, Index Enhancement strategies, CTA strategies, Quantitative Long-Only, Timing Hedging, and Intraday High Frequency strategies. The company operates its 'Five Rings Multi Core' quantitative factory model with integrated research across factors, AI, optimization, risk control, and trading execution. Products range from onshore China A-share strategies to offshore funds managed through Hong Kong subsidiary.

Differentiator

Problem solved

Functional benefit

Brands

• Genesis AI Laboratory (G-Lab): AI fundamental research laboratory conducting in-depth research on AI basic disciplines, part of Mingshi's 'Five Rings Multi Core' quantitative pipeline investment research system.
• Constellation Plan
• 五环多核 (Five Rings Multi Core)
• 五环十核 (Five Rings Ten Core)

Products and services

• Market Neutral Strategy Quantitative strategy implemented with long equities and short index futures and/or short equities, with the objective of producing absolute returns. First onshore market neutral SMA launched in 2015. Targeted at qualified investors seeking uncorrelated returns independent of market direction.
• Index Enhancement Strategy Quantitative strategy implemented with long equities optimized against a benchmark index, with the objective of outperforming the benchmark index and achieving 'Alpha+Beta' returns every month. Designed for qualified investors seeking benchmark outperformance through quantitative alpha generation.
• CTA Strategy Commodity trading advisor strategy using derivatives to hedge risk and generate returns across commodity and derivatives markets. Mingshi has been running CTA strategies since 2019. Targeted at qualified investors seeking exposure to commodity and derivatives markets via quantitative methods.
• Quantitative Long-Only Strategy Quantitative equity strategy with long-only exposure, offering lower market risk than index enhancement but potentially lower long-term returns. Targeted at qualified investors seeking equity exposure with disciplined quantitative stock selection.
• Timing Hedging Strategy Hybrid strategy between pure hedging and long exposure, with some additional risk exposure that can enhance returns when strategies perform well but may increase drawdowns when underperforming. Targeted at qualified investors seeking a middle-ground risk-return profile.
• Intraday High Frequency Strategy High-frequency alpha trading strategy capturing intraday-level volatility through cross-sectional intraday trading, evaluating which stocks will perform better in the next four hours. Approximately 80x annual turnover. Targeted at qualified investors seeking short-horizon alpha capture.
• Offshore China-A Market Neutral Fund Offshore China-A market neutral fund providing international investors with access to China A-share market neutral strategies through Hong Kong-regulated vehicles. Distributed via Mingshi HK subsidiary.
• Offshore China-A Long-Only Fund Offshore China-A long-only fund providing international investors with quantitative long-only equity exposure to China A-share market through Hong Kong-regulated vehicles. Distributed via Mingshi HK subsidiary.

Quantifiable outcome

• AUM surpasses 100 billion RMB (onshore) and several hundred million USD (offshore)
• +4 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature5 records

Partnerships

Three partnerships are on record, tiered flagship and core.

• Shanghai University of Finance and Economics (上海财经大学)flagshipStrategic or Co-development Partner · 10 January 2022Strategic cooperation to build '上财鸣石数理金融实验室' (SUFE-Mingshi Mathematical Finance Laboratory), China's first domestic mathematical finance laboratory in quantitative investment field. Collaboration in financial research, talent cultivation, faculty development, and establishment of '金融投资逻辑与算法人才培养基地' (Financial Investment Logic and Algorithm Talent Training Base). Mingshi provides data, computing power, and AI platform support.
• OP Investment Management Limited (OPIM)coreStrategic or Co-development Partner · 1 January 2019Hong Kong-based investment manager that partnered with Shanghai Mingshi to launch offshore China-A investment strategies. OPIM serves as the investment manager for Mingshi's offshore funds including Mingshi OPTIMA and MAXIMA. The partnership enabled Mingshi's international expansion with offshore market-neutral and long-only SMA products.
• Mingshi HK (Mingshi Asset Management (HK) Limited)coreStrategic or Co-development Partner · 1 January 2019Hong Kong subsidiary established in November 2021, receiving SFCHK Type 9 (asset management license). Replaced OPIM as investment manager for Mingshi OPTIMA and MAXIMA funds. Manages offshore China-A market neutral and long-only fund operations.

Scale indicators13 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Man Group / AHL: Listed UK-based hedge fund manager with the AHL systematic / CTA franchise. Directly comparable in CTA/managed futures strategy capability (Mingshi has run CTA since 2019) and serves as a public-market benchmark for valuing a quant platform business.
• D. E. Shaw: Pioneering quantitative hedge fund combining fundamental and systematic strategies with deep technology infrastructure. Comparable in academic founder pedigree and systematic approach, and an aspirational global peer for Mingshi's strategy and tech stack.
• Two Sigma: Global quantitative investment firm with comparable use of AI/ML and large-scale compute. While US-focused, it serves as a technology benchmark for Mingshi's G-Lab and Constellation Plan investments and competes indirectly for global institutional capital.
• WorldQuant: Global quantitative investment manager with strong factor-research orientation and BAA platform. Comparable focus on factor-based alpha generation and academic-style research, relevant as Mingshi expands offshore.
• Citadel: Global multi-strategy hedge fund with significant quantitative equity capability (Citadel Securities). Comparable in technology intensity and AUM scale; represents both a global benchmark and a competitive threat as it expands into China-adjacent strategies.

Direct peers

• Mingjun Investments (明汯投资): Established Chinese quantitative hedge fund with full-frequency strategies including market neutral and CTA. Comparable AUM tier and similar product lineup, competing for the same institutional LP base in China.
• Lingjun Investment (灵均投资): Major Chinese quantitative hedge fund operating market neutral and quantitative equity strategies. Similar scale and customer mix, with overlapping institutional client base across banks and securities firms.
• Yanfu Investment (衍复投资): Fast-growing Chinese quant manager with full-frequency and high-frequency capabilities. Directly comparable business model and customer base, increasingly competing with Mingshi in the high-frequency strategy segment.
• Hi-Pointer (幻方量化): Largest privately-owned quantitative hedge fund in China, managing multi-strategy quant products across A-shares with deep supercomputing and AI capabilities. Directly competes with Mingshi across market neutral, index enhancement, and HFT strategies for the same institutional and HNW capital.
• Ubiquant (九坤投资): Top-tier Chinese quantitative private fund with comparable AUM scale (100B+ RMB) and similar strategy mix across market neutral, index enhancement, and CTA. Competes head-to-head with Mingshi for bank WM, securities, and insurance mandates.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/%E9%B8%A3%E7%9F%B3%E5%9F%BA%E9%87%91

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about 鸣石基金