Huanfang Quantitative, a leading Chinese quant hedge fund founded by Liang Wenfeng, reported a 56.55% return in 2025, ranking second among China's top quant funds. The fund's assets under management (AUM) have surpassed 70 billion CNY, according to Simu Ranking data. Lingjun Investment led the performance list with a 73.51% return. Over the past three years, Huanfang Quantitative has achieved an average return of 85.15%, and 114.35% over five years. The firm's strong performance has bolstered R&D funding for DeepSeek, another venture by Liang Wenfeng. Founded in 2008, Huanfang Quantitative is renowned for its expertise in mathematics, computing, and AI. DeepSeek plans to launch its new AI model, DeepSeek V4, in February, which is expected to influence the AI competition landscape.