[3] During 2018, Minghong doubled its assets under management (AUM) after it moved to a medium-to-high frequency statistical arbitrage strategy that boosted excess returns by as much as 20 percentage points annually.

[4] In March 2019, Minghong expanded overseas and opened a firm in Hong Kong named Jupiter Research.

[4] This was done by being the first to sell its products on a large scale through channels of major securities firms and private banks.

The losses were attributed to mostly to a "medium-level" exposure to so-called style risk factors such as growth and momentum in Minghong's computer models which would be adjusted later.

This came after the China Securities Regulatory Commission repreminded Minghong due to two of its employees writing negative comments on its peers on social media.