HONG KONG : Brilliance Asset Management, one of Asia's largest hedge funds with a China focus, posted a massive loss last month after a drop in Chinese stocks hammered its big bet on an electric vehicle maker.
Brilliance is among a batch of struggling offshore China fund managers who once reaped huge gains by investing in Hong Kong and U.S.-listed Chinese growth stocks, which have now been hit by tough industry regulations, COVID-19 lockdowns and Sino-U.S. tensions. The selloff in these stocks was exacerbated by the recent Communist Party Congress.
Shi retained the fund's concentration strategy this year but shifted that to double down on electric vehicle maker Li Auto.
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