[Quantitative Investing Mini-科普] Meeting Minutes of Industrial Bank’s Quantitative Investment Seminar: History, Current State, and Future of Quantitative Investing

Let me first briefly introduce myself. I joined Qianhai Kaiyuan Fund Management Co., Ltd. at the end of 2015 upon returning to China. Prior to that, I entered the industry in 2000 and have since dedicated my entire career to quantitative investing. My longest tenure was with Lehman Brothers’ Quantitative Investment Division, where I joined as the second team member and remained for nearly ten years. Whenever mentioning Lehman Brothers, I must clarify—this refers to the pre-bankruptcy Lehman Brothers. After its collapse, our division spun off to form a new independent company. For me, whether at Lehman Brothers or at the newly established firm, I spent nearly a decade in its quantitative investment division. Before and after that period, I managed various quantitative strategies across different investment banks and hedge funds. Upon returning to China at the end of 2015, I founded Qianhai Kaiyuan’s Quantitative Investment Department. A brief clarification: my current role is somewhat unique—I mentioned this earlier to the event organizers—I am no longer formally affiliated with Qianhai Kaiyuan, but rather serve as Managing Director of First Qianhai Financial Limited, our Hong Kong-based affiliate. 1. Quantitative Equity 1.1 History of Quantitative Equity Overseas Let’s begin with quantitative equity. Let’s review the history of quantitative equity. When did quantitative equity begin overseas? How did it begin? Initially, it wasn’t an industry term but rather an academic one. We generally agree that quantitative investing originated in 1900. Louis Bachelier, a French mathematician, wrote his doctoral dissertation titled “The Theory of Speculation.” Essentially, this paper addressed how we make forecasts about the future. If today we could correctly predict a price, the decision would be straightforward. A correct forecast would tell us precisely when to buy and when to sell; if our prediction were 100% accurate (though impossible in reality), we would profit without fail. After 1900, in the 1930s, Professors Benjamin Graham and David Dodd of Columbia Business School published their book “Security Analysis.” What was the context behind writing this book? What happened in the 1930s? It was shortly after the 1929 stock market crash. Regarding Benjamin Graham—if you’re unfamiliar with him, you certainly know his most famous student: Warren Buffett. His purpose in writing this book was to teach investors that buying and selling stocks shouldn’t be impulsive decisions made on a whim. Instead, investors should conduct fundamental research into companies to assess their intrinsic value and then decide whether to buy or sell a given stock. From then until 1952, Harry Markowitz published Modern Portfolio Theory (MPT), for which he received the Nobel Prize in Economics in 1990. For quantitative equity, Modern Portfolio Theory forms the foundational framework—namely, how to construct optimal investment portfolios while explicitly accounting for risk.

U.S. Stock Tracking – June 5, 2020

HHT (Huitao Technology Co., Ltd.) Engages in education services through its subsidiaries; incorporated in 2002; renamed in May 2020; headquartered in New York, NY; provides educational and healthcare services for daycare centers and kindergartens in China. The company offers a structured early childhood education system incorporating artificial intelligence (AI) and robotics, a smart campus management Software-as-a-Service (SaaS) platform, and online educational courses for children and parents—delivering personalized growth plans for each child based on data analytics. It provides the U Campus SaaS system—a smart school management SaaS platform offering comprehensive operational and administrative support for preschool institutions, including student management, staff management, financial management, attendance tracking, and health monitoring. It also delivers AI-powered child analytics services, supplying schools with surveillance equipment that uses AI technology to record and analyze key child-related information—including emotions, physical movements, attention levels, and points of interest—in real time. Additionally, it offers targeted pedagogical consulting services for preschool-aged children and online education services, delivering an English-as-a-Second-Language curriculum named “Precision Thinking” to Chinese kindergartens to supplement their existing English programs. The company’s total revenue has declined year-on-year; it has yet to achieve net profitability, and its net loss over the past 12 months has widened. Its cash balance is critically low, and its deferred revenue (current) is decreasing. Its share price hit a low of $0.3113 on June 4, 2020, and rose to $1.42 on June 11. On June 26, shares opened down 4.03%, fluctuated upward to close at -6.16%, with intraday swings reaching as low as -8% and as high as near flat. Trading volume was 6%. Market capitalization fell below enterprise value. Three institutions hold shares, representing 0.73% of total shares outstanding. No analyst coverage exists, and trading activity remains infrequent—caution advised. MLND (Millendo Therapeutics, Inc.) A late-stage biopharmaceutical company headquartered in Ann Arbor, Michigan, focused on developing therapies for rare endocrine disorders in the United States. Its lead clinical candidates include livoglitazone, a potential treatment for Prader-Willi syndrome, and nevanimibe, a potential therapy for patients with classic congenital adrenal hyperplasia. The company has generated neither total revenue nor net income over the past two years, and its cash balance has declined during the same period. Its share price peaked at $7.02 on March 24, 2020, and bottomed at $1.26 on April 6. On June 26, shares opened down 1.61%, fluctuated downward to -6.45%, rebounded to -0.54%, then swung again before closing up 2.69% above the opening price. Trading volume stood at 11.11%. Enterprise value is negative. Ninety-two institutions hold shares, representing 73.81% of total shares outstanding. No analyst coverage exists. MTC (Mmtec, Inc.) Develops and deploys platforms enabling financial institutions to participate in trading and settlement within China’s securities markets; incorporated in 2015; headquartered in Beijing, China. The company provides internet-based securities solutions, including a securities trading system covering registration and clearing, account management, risk management, trade execution, and third-party access middleware; a private fund investment management system supporting multi-account management, fund valuation, risk management, quantitative trading access, clearing, and requisition management; and mobile trading client systems for Apple iOS, Android, PC, and web platforms—allowing clients to apply white-label branding to their trading interfaces and select modular functionalities.

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