Ruitian loses court battle with former trader

Chinese quant hedge fund Shanghai Ruitian Investment has been ordered to pay damages of RMB3.5 million ($495,000) to its former head of high-frequency trading strategy, Yang Yunhao, after losing a court case over his move to Zhejiang High-Flyer Asset Management. 

Chinese quant hedge fund Shanghai Ruitian Investment has been ordered to pay damages of RMB3.5 million ($495,000) to its former head of high-frequency trading strategy, Yang Yunhao, after losing a court case over his move to Zhejiang High-Flyer Asset Management. 

Ruitian, which was founded by an ex-Citadel researcher Xu Xiaobo, filed a lawsuit claiming Yang infringed its technology secrets when he joined its larger rival. But the Shanghai First Intermediate People’s Court supported an earlier ruling that Ruitian should pay Yang economic damages.

The court also overruled an earlier order for Yang to pay Ruitian RMB4 million for breach of contract.