Cephei Capital Management (Hong Kong) Limited
- Regulatory AUM
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- Discretionary
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- Clients
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- Avg AUM / client
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- Accounts
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- Employees
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AUM over time
Annual snapshots from Form ADV filings · as of Feb 09, 2026
Private funds (2)
Reported in Form ADV Section 7.B.(1), filing of Apr 2024 · $607M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Cephei Qfii China Total Return Fund Ltd. master | Hedge Fund | Cayman Islands | $514M | 59 |
| Cephei China Equity Relative Return Fund Ltd. master | Hedge Fund | Cayman Islands | $93.1M | 5 |
People (7)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Li, Gang, (Nmn) | Director | Aug 2006 (20y) | ≈ 14.06% – 56.25% via Clear Image Investments Limited | |
| Min, Yu, (Nmn) | Director | Nov 2006 (20y) | ≈ 7.03% – 37.5% via New Diamond Assets Inc. | |
| Wu, Shangzhi, (Nmn) | Director | Mar 2007 (19y) | ≈ 3.52% – 25% via Cdh Griffin Holdings Company Limited | |
| Bai, Ying, (Nmn) | Chief Financial Officer | Feb 2011 (16y) | Less than 5% | |
| Jiao, Shuge, (Nmn) | Beneficial Owner | Dec 2018 (8y) | ≈ 3.52% – 25% via Cdh Griffin Holdings Company Limited | |
| Pei, Yin Yin | Chief Investment Officer | Apr 2023 (3y) | Less than 5% | |
| Jing, Ning | Director And Co Chief Executive Officer | Apr 2024 (2y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Cephei Capital Management Company Limited | Shareholder | Jan 2007 | A | 75% or more |
| Cdh Griffin Holdings Company Limited | Shareholder | May 2017 | B | ≈ 14.06% – 50% via Cdh Investment Management Company Limited |
| Cephei Capital Investment Company Limited | Shareholder | May 2006 | B | ≈ 37.5% – 75% via Cephei Capital Management Company Limited |
| Clear Image Investments Limited | Shareholder | Aug 2006 | B | ≈ 18.75% – 56.25% via Cephei Capital Investment Company Limited |
| Cdh Investment Management Company Limited | Shareholder | Jan 2019 | B | ≈ 18.75% – 50% via Cephei Capital Management Company Limited |
| New Diamond Assets Inc. | Shareholder | Jul 2009 | B | ≈ 9.38% – 37.5% via Cephei Capital Investment Company Limited |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Li, Gang, (Nmn): 75% – 100% of Clear Image Investments Limited × 50% – 75% of Cephei Capital Investment Company Limited × 50% – 75% of Cephei Capital Management Company Limited × 75% – 100% direct ≈ 14.06% – 56.25% of the firm
- Min, Yu, (Nmn): 75% – 100% of New Diamond Assets Inc. × 25% – 50% of Cephei Capital Investment Company Limited × 50% – 75% of Cephei Capital Management Company Limited × 75% – 100% direct ≈ 7.03% – 37.5% of the firm
- Wu, Shangzhi, (Nmn): 25% – 50% of Cdh Griffin Holdings Company Limited × 75% – 100% of Cdh Investment Management Company Limited × 25% – 50% of Cephei Capital Management Company Limited × 75% – 100% direct ≈ 3.52% – 25% of the firm
- Jiao, Shuge, (Nmn): 25% – 50% of Cdh Griffin Holdings Company Limited × 75% – 100% of Cdh Investment Management Company Limited × 25% – 50% of Cephei Capital Management Company Limited × 75% – 100% direct ≈ 3.52% – 25% of the firm
- Cdh Griffin Holdings Company Limited: 75% – 100% of Cdh Investment Management Company Limited × 25% – 50% of Cephei Capital Management Company Limited × 75% – 100% direct ≈ 14.06% – 50% of the firm
- Cephei Capital Investment Company Limited: 50% – 75% of Cephei Capital Management Company Limited × 75% – 100% direct ≈ 37.5% – 75% of the firm
- Clear Image Investments Limited: 50% – 75% of Cephei Capital Investment Company Limited × 50% – 75% of Cephei Capital Management Company Limited × 75% – 100% direct ≈ 18.75% – 56.25% of the firm
- Cdh Investment Management Company Limited: 25% – 50% of Cephei Capital Management Company Limited × 75% – 100% direct ≈ 18.75% – 50% of the firm
- New Diamond Assets Inc.: 25% – 50% of Cephei Capital Investment Company Limited × 50% – 75% of Cephei Capital Management Company Limited × 75% – 100% direct ≈ 9.38% – 37.5% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (2, $607M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Cephei Qfii China Total Return Fund Ltd. | Hedge Fund | $514M | $3.0M | 59 |
| Cephei China Equity Relative Return Fund Ltd. | Hedge Fund | $93.1M | $3.0M | 5 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 02/09/2026 | 1.09 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
Not reported.
Custody
Reported custodians
- Citibank $2.4B (49% of AUM) Mar 2025
- Hsbc Bank (China) Company Limited $1.1B (23% of AUM) Mar 2025
- State Street $650M (13% of AUM) Apr 2024
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports it does not have custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Feb 09, 2026.
View current Form ADV (SEC/IAPD) ↗