Liang Wenfeng is the name behind DeepSeek, the Chinese AI startup that has caused a massive disruption in the global tech scene. What began as a side project has now evolved into a serious threat to U.S. tech giants like OpenAI, Google, and Nvidia, sending shockwaves through the stock market. But who is the man behind this groundbreaking company?
Liang Wenfeng, born in 1985 in Zhanjiang, Guangdong, is a prominent entrepreneur and businessman known for co-founding the quantitative hedge fund High-Flyer and establishing its artificial intelligence division, DeepSeek. As a key player in the integration of AI with financial markets, Liang has made significant strides in both industries.
Liang's upbringing in a family with an educational background—his father being a primary school teacher—shaped his future path. After completing his education at Zhejiang University, he graduated with a Bachelor of Engineering in electronic information engineering in 2007. He later earned a Master of Engineering in information and communication engineering in 2010. His master's dissertation focused on "Research on target tracking algorithm based on low-cost PTZ camera," under the guidance of Professor Xiang Zhiyu.
Liang's entrepreneurial journey began during his university years when he and a group of classmates started gathering data related to financial markets in 2008. This was during the height of the 2007–2008 financial crisis. Together, they explored the potential of quantitative trading, using machine learning and other technologies.
Following his graduation, Liang relocated to a modest flat in Chengdu, Sichuan, where he focused on applying AI to various fields. Despite early failures, he found his breakthrough when he applied AI to finance, laying the groundwork for his future ventures.
In 2013, Liang took a significant step by integrating artificial intelligence with quantitative trading. He co-founded Hangzhou Yakebi Investment Management Co Ltd with Xu Jin, an alumnus of Zhejiang University. This venture led to the creation of Hangzhou Huanfang Technology Co Ltd in 2015, which would later become Zhejiang Jiuzhang Asset Management Co Ltd.
Liang’s most impactful business endeavour came in February 2016 when he, along with two engineering classmates, co-founded Ningbo High-Flyer Quantitative Investment Management Partnership. This firm relied heavily on mathematics and AI to drive its investment strategies.
By 2019, High-Flyer had grown significantly, managing over 10 billion yuan in assets. It was during this time that Liang expanded his ambitions, founding High-Flyer AI to further research AI algorithms and their applications.
On 30 August 2019, Liang delivered a keynote speech titled "The Future of Quantitative Investment in China from a Programmer's Perspective" at the Golden Bull Awards. His address sparked widespread discussion, where he asserted that the true test of quantitative investment is whether decisions are driven by algorithms or human intervention. Liang's belief in the power of AI in transforming China's secondary market resonated with many in the industry.
In 2021, Liang wrote the preface for the Chinese edition of Gregory Zuckerman's The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution. Liang reflected on his own challenges in the field, quoting Simons’ mantra, "There must be a way to model prices," which had inspired him during difficult moments in his career.
Liang’s interest in AI deepened in 2021, when he began acquiring thousands of Nvidia GPUs for an AI side project. Despite early scepticism from business partners, who initially dismissed his ambition, Liang remained steadfast. One partner recalled their first meeting, describing Liang as a "nerdy guy with a terrible hairstyle" who had little to say about his vision, except that he was "building something that will be a game changer."
In May 2023, Liang made a bold move, announcing the launch of DeepSeek, which was designed to develop artificial general intelligence (AGI). High-Flyer had already acquired over 10,000 Nvidia A100 GPUs, setting the stage for DeepSeek’s operations as an LLM (Large Language Model) developer. Liang acknowledged that securing venture capital was challenging at the time, as many investors doubted the project's short-term profitability. However, the long-term nature of the venture meant that DeepSeek focused on attracting employees who were passionate and capable, rather than those with extensive experience.
By July 2024, DeepSeek had begun to make waves in the AI industry. Liang was interviewed by 36Kr and shared insights into the unexpected pricing sensitivity surrounding the release of DeepSeek V2. He emphasised the need for China to transition from being a follower to a leader in innovation. Liang attributed the lack of progress in China’s innovation to a deficiency of confidence and organisational knowledge, rather than a shortage of capital. He also expressed his belief that closed-source approaches to disruptive technologies would only delay competitors temporarily.
Liang's influence in the tech and finance sectors continues to grow. On 20 January 2025, he was invited to a symposium in Beijing with experts, entrepreneurs, and government representatives. At the event, Liang provided valuable insights on the 2024 government work report, cementing his position as an industry thought leader.
Through his ventures with High-Flyer and DeepSeek, Liang Wenfeng has proven himself to be a trailblazer in the fusion of AI and finance, and his impact on both industries continues to unfold.
