(Bloomberg) -- A Chinese hedge fund manager is launching a rare activist campaign to boost returns. Most Read from BloombergWall Street Comes to Grips With How Wrong It’s Been in 2023MGM Resorts Hackers Broke In After Tricking IT Service DeskThe World Is Struggling to Make Enough DieselHouse Republicans Prepare to Turn US Government Shutdown Into Immigration ClashUS, Chinese Officials Meet in Malta in Bid to Keep Channels OpenHuakun Ding, founder of Goldenwise Capital Group, set his sights on Ne
Huakun Ding, founder of Goldenwise Capital Group, set his sights on New York-listed GEE Group Inc., buying a stake of more than 5% and pushing for changes including a potential sale of the human resources firm. GEE shares have jumped 28% since Goldenwise’s Aug. 15 filing.
That’s just the start, said Ding, who’s identified other targets including Hong Kong-traded rice firm Golden Resources Development International Ltd. Ding says these firms are undervalued and could generate hefty returns once management makes the changes he’s seeking. “You need to find a target that has a stable business, but also a lethal shortcoming that’s curable,” Ding said by phone from Shanghai.
Ding stands out among Chinese firms with the activist push. Aside from Ping An Insurance Co.’s recent campaign against HSBC Holdings Plc, Chinese hedge funds and investors aren’t known for these aggressive tactics. Globally, activist campaigns are on the rise, after jumping to a record high in 2022. There have been 541 campaigns launched already this year — almost half with US targets — compared with 663 for all of last year, according to data compiled by Bloomberg. There’s been no China targets this year.Ding said he started volatility arbitrage trading in 2008 while pursuing a master’s degree in financial mathematics at the University of British Columbia.
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