Greenwoods Asset Management

Founder George Jiang serves as Chief Investment Officer and makes all final portfolio decisions. Jiang built the firm's research process around direct, on-the-ground fundamental analysis in China, and his tenure dating to 2004 makes him one of the longest-tenured active portfolio managers in the China long/short space. The firm operates with a compact investment team, and key research analysts typically carry sector coverage focused on Greater China's technology, consumer, and healthcare industries.

Greenwoods relies on intensive fundamental research and management meetings. The team historically conducts hundreds of in-person management meetings per year across mainland China, Hong Kong, and Taiwan, building multi-year relationships with corporate executives. This bottom-up approach focuses on accounting quality, competitive moats, and management alignment — critical filters in a market where corporate governance risks are elevated.

Greenwoods covers the full Greater China equity universe: Hong Kong-listed H-shares and red chips, Shanghai and Shenzhen A-shares via the Stock Connect program, and US-listed Chinese ADRs. This multi-venue coverage allows the firm to arbitrage valuation dislocations between onshore and offshore listings of the same underlying business when they occur.

Greenwoods runs a fundamental long/short equity strategy with a net long bias. The firm uses single-stock shorts to neutralize exposure to structurally challenged companies and index futures to manage macro risk during periods of regulatory intervention or economic contraction. The net exposure varies based on Jiang's assessment of market conditions, but the core alpha is generated on the long book.

Greenwoods focuses on publicly listed equities. The firm does not market itself as a crossover or private-equity investor, concentrating instead on liquid markets where it can size positions and manage risk dynamically. The strategy is designed for institutional allocators seeking liquid China exposure with embedded downside protection.

As a manager operating since 2004, Greenwoods has traded through multiple regulatory regimes — including the 2015 A-share bubble and subsequent crash, the 2018 trade-war selloff, and the 2021 tech, education, and property crackdowns. The firm's risk management framework uses index hedges and position sizing to limit drawdowns during government intervention episodes. The concentrated portfolio means single-stock risk is managed through deep diligence rather than broad diversification.

Greenwoods operates as a single-manager hedge fund with commingled fund vehicles, typically structured as Cayman Islands-domiciled offshore funds for international institutional investors. The firm does not publicly offer co-investment vehicles or separately managed accounts outside its flagship strategy, maintaining a concentrated effort on one program to preserve strategy integrity and manager focus.