Qian Yongqiang (錢永強), who made his fortune in Chinese education and technology start-ups, is starting a US$100 million hedge fund with his own money.
Singapore-based QQQ Capital Fund is to start trading in April, head of operations Ye Yichen said in an interview.
The long-short fund is to trade education, tourism and technology stocks, and is targeting an annual return of 15 percent, according to a presentation obtained by Bloomberg.
The firm is to use fundamental research and have a concentrated portfolio of bets on up to 30 stocks listed in Hong Kong and the US.
Among Qian’s long positions are Elon Musk’s Tesla Inc, according to the presentation.
The shares were bought in February 2016 at an average price of US$160 and have since more than doubled.
A short bet on US airline United Continental Holdings Inc has also paid off, with the shares declining about 12 percent since the fund initiated the position in May last year.
Qian cofounded Chinese tutoring company New Oriental Education & Technology Group Inc (新東方教育科技集團) at the age of 21 in 1993, according to the presentation.
The company, which started with 20 students, listed on the New York Stock Exchange in 2006, now boasts a market capitalization of US$14.7 billion.
In 2004, he started mobile phone company Atop Century, which was acquired two years later by UK mobile content company Monstermob Group PLC for US$100 million.
In 2005, he invested about 2 million yuan (US$316,000) in Chinese online dating company Jiayuan.com International Ltd (佳源國際), which was listed in the US in 2011 and taken private in May 2016 at a valuation of US$210 million, according to the presentation.
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