China-focused hedge-fund firm Snow Lake Capital Ltd has closed its office in Hong Kong after 12 years of operating in the city, according to a report by Bloomberg, citing unnamed sources familiar with the matter.
China-focused hedge-fund firm Snow Lake Capital Ltd has closed its office in Hong Kong after 12 years of operating in the city, according to a report by Bloomberg, citing unnamed sources familiar with the matter.
The office closed its doors last month with all members of the firm’s Hong Kong-based research team having relocated to Beijing. Company founder and chief executive officer Sean Ma meanwhile, has relocated to Menlo Park in California for “personal reasons”. The firm’s chief operating and financial officer is already based in the US city.
Snow Lake operated out of Beijing and New York for the first two years of its existence, and first established a presence in Hong kong back in 2011 when it closed its New York office.
Ma set up Snow Lake in 2009 with backing from Zhang Lei, the founder of Hillhouse Capital. The company focuses on long-term stock holdings in technology, consumer, health care, clean energy, real estate and financial industries – most of which are Chinese, according to a US regulatory filing in January.
Hillhouse’s Zhang no longer owns a stake in Snow Lake.
