Behind DeepSeek: Who Is Liang Wenfeng?

In the dynamic landscapes of quantitative investment and artificial intelligence, there are individuals whose innovative thinking and unwavering dedication reshape the industry's trajectory. One such luminary is Liang Wenfeng, a name that has been steadily gaining prominence. From his early days in the quantitative trading realm to his recent forays into AI with DeepSeek, Liang's journey is a captivating narrative of vision, perseverance, and a pursuit of technological ideals. As we delve into the story of this remarkable figure, we'll uncover the milestones, the inspirations, and the driving forces behind his rise, offering a comprehensive portrait of who Liang Wenfeng truly is.

The Start of Liang Wenfeng's Journey

Liang Wenfeng first entered the spotlight in the quantitative investment domain in 2008. With a mere $11000 principal, he embarked on his independent quantitative trading path. By 2015, after weathering a seven - year cycle of bear and bull markets, he achieved an astonishing feat: entering the ranks of billionaires with a compound annual return rate of over 100%. Convinced that China's quantitative trading was on the cusp of a transformation from the era of lone rangers to an era of private equity funds teeming with talented geeks, he co - founded High - Flyer Technology with his IT - circle friends.

 

In June 2018, observers got a rare glimpse into the man behind the company. At the Hangzhou headquarters of High - Flyer Quant, which was already in the first echelon of the industry with $616 million in client funds and $137 million in proprietary trading despite being just three years old, Liang Wenfeng made an appearance. He was a reserved figure, clad in a dark blue work - style flannel shirt and clutching a thermos cup, bearing a resemblance to an engineer from the 1990s. Colleagues noted his single - minded devotion to programming, with little time for other hobbies.

During an in - depth research session, Liang Wenfeng's expertise shone through. Asked professional questions, he was forthcoming and detailed, demonstrating a deep understanding of both trading strategies and regulatory policies. When it came to less - technical small talk, he was less at ease. Regarding staff recruitment, he emphasized the importance of advanced research capabilities, passion for research, and a track record of strong academic work. His unique approach to performance fees—charging only when clients redeemed their investments—stood out in an industry accustomed to the high - water - mark method. And when questioned about employee evaluation, he believed that if an employee didn't contribute, it was the company's failure to place them appropriately. His vision? To establish a company that eschewed performance fees and management fees, a concept that left many in the investment community intrigued.

Growth and Vision Expansion

As time progressed, High - Flyer continued to grow. By 2019, it had surpassed the $1.37 billion scale and firmly secured its place among the top four domestic quantitative private equity firms. At the China Private Equity Golden Bull Award Ceremony in August 2019, Liang Wenfeng took the stage as a speaker at the quantitative investment forum. Dressed in a slightly rumpled blue suit, he delivered a surprisingly engaging speech. His presentation, filled with carefully curated data, explored the development of quantitative investment in China, and his closing statement about the hedge fund's mission to enhance the efficiency of the secondary market resonated widely.

The speech transcript, shared on a colleague's personal account, went viral, being shared over 100,000 times in just a few days. Liang Wenfeng's penchant for anonymity was also evident, with his large donations often attributed to the alias An Ordinary Little Pig. In an informal interview after the speech, he elaborated on his vision of an open - source strategy platform accessible to ordinary investors. This vision was further echoed in 2024 when, as the founder of DeepSeek, he emphasized the importance of making AI and related technologies inclusive and affordable for all.

2019 was also a year of significant investment for High - Flyer. The company poured nearly $27 million into its self - developed deep - learning training platform, Firefly One, with an even more substantial $137 million investment in Firefly Two two years later. These platforms were not just technological investments; they were a testament to Liang Wenfeng's long - term vision for the future of quantitative investment. 

Inspiration from the Quant King

Liang Wenfeng's journey has been deeply influenced by the achievements of James Simons, the King of Quant. On December 16, 2024, on the eve of the launch of the DeepSeek R1 large - model, Liang Wenfeng reposted an article in his rarely - updated WeChat Moments. It was the preface he had penned for Simons' biography, The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution. In the preface, he revealed that Simons' words, There must be a way to model prices, served as a constant source of inspiration during challenging times. His repost comment, Three years have passed, the old world is falling apart, and a new era is arriving at the speed of light, hinted at his anticipation for the future of the industry.

Simons' approach to building Renaissance Technologies, hiring mathematicians, physicists, and computer scientists with no Wall - Street ties, paralleled Liang Wenfeng's own philosophy. The early days of High - Flyer, as described in a 2015 recruitment notice, revealed Liang Wenfeng's ambition to create a world - class quantitative private equity team, with aspirations to one day rival Simons' Renaissance Technologies.

A Promising Future

At 40 years old, with 16 years of experience in quantitative investment under his belt and having achieved financial independence, Liang Wenfeng is now fully immersed in his passion for technology. His transition from High - Flyer to founding DeepSeek represents a new chapter in his pursuit of technological innovation. Just as he admired Simons' good fortune in being part of a transformative era, Liang Wenfeng is now at the forefront of a new wave of change in the fields of quantitative investment and artificial intelligence.

 

Guided by principles of open - sourcing, inclusiveness, and efficiency improvement, Liang Wenfeng's contributions to these industries are far - reaching. His journey from a young trader with a big dream to a leading figure in two burgeoning fields is a testament to his perseverance, vision, and unwavering dedication to his ideals. As he continues to drive innovation with DeepSeek, the world watches with anticipation to see how he will shape the future of AI and quantitative investment.