Two Sigma obtained a copy of a letter from Gao to U.S. immigration officials indicating his intention to resign from his job and start a company in China.

[5][6] The team developed in 2016 under Ruitian Investment consisted of experienced employees who had previously worked at other quantitative funds in the U.S. or top domestic technology companies.

[7] In February 2024, in what was known as "quant quake", regulators cracked down on quantitative funds in China which had an adverse effect for many due to investor withdrawals and asset declines.

Yanfu launched a new index-enhanced product tracking the CSI All-Share Index to sooth investor concerns over concentration in small caps.

[8] In July 2024, Yanfu published an article in defending quantitative funds in response to pundits blaming them for any market fluctuation and calling for them to be banned following regulatory tightening.