Square And Investment has overtaken Minghong Investment to become this year’s most active private fund filer, with 206 new products registered by August 3, including 74 in July, according to Jiemian News. Minghong Investment ranked second with 186 filings after adding 24 products in July.

Square And Investment was founded in August 2015 and completed registration with China’s Asset Management Association in October that year. Its controlling shareholder, Lü Jieyong, previously worked at Sohu and Tencent and later did quantitative research at Bosera Funds and CITIC Securities. In 2025, Fang Zhuangxi joined the firm as a core partner and chief investment officer; he had held senior research and management roles at WorldQuant since 2009. According to Tianyancha, Fang began appearing in Square And Investment’s indirect shareholder lineup in August 2025 and now holds a 49% stake.

The firm filed 48 products in 2025, the most in any year from 2020 through 2025, and its management scale surpassed 10 billion yuan in 2025 and exceeded 50 billion yuan by June 2026. Jiemian News reported that the rapid growth has come alongside a broad pullback in performance: 17 disclosed products all fell over the latest one-month period, with 12 losing more than 18%, and among 11 products launched less than a year ago, 10 had negative cumulative returns, including seven down more than 17%.

Square And Investment said on July 19 that it would use 100 million yuan of its own funds within the following week to subscribe to its private securities fund products, saying it would share risks and returns with investors. Minghong Investment, founded in April 2014, has also seen weak performance in some products: of 139 disclosed products, 61 lost more than 15% in the latest month. Jiemian News also noted that a Hong Kong-based Jupiter Research Capital (Asia) Ltd. hedge fund worsened to about 43% losses by July 24 from less than 7.5% at the start of July; the fund had about $186 million in assets earlier this year and used a market-neutral strategy.