Value Partners

Co-Founder and Co-Chairman Cheah Cheng Hye has historically been the firm's primary investment decision-maker, alongside Co-CIO Louis So. Cheah's background as a financial journalist for the Asian Wall Street Journal heavily informs the firm's research process, which he describes as applying forensic, fact-based analysis to uncover mispriced securities. The investment team operates from Hong Kong, Shenzhen, and Shanghai, with decisions centered on bottom-up fundamental research.

Value Partners is a publicly listed independent asset manager, not a family office. It listed on the Hong Kong Stock Exchange in 2007. However, Co-Founder Cheah Cheng Hye is the controlling shareholder, giving the firm some characteristics of a founder-led investment partnership, with the added transparency and governance requirements of a public company.

Value Partners primarily manages long-only and absolute-return equity strategies focused on Greater China — including the flagship Value Partners Classic Fund. The firm has expanded into fixed-income products and private credit, but public equities remain its core competency. It does not typically operate large private equity, venture capital, or real asset strategies.

Cheah Cheng Hye's philosophy is deeply rooted in classical Graham-and-Dodd value investing, applied to Greater China markets. He describes the approach as "buying a dollar for fifty cents," with an emphasis on intensive in-person management meetings and forensic accounting scrutiny. The firm's hallmark is concentration in under-researched mid- and small-cap companies where earnings quality is misunderstood, rather than broad macro bets or momentum-driven trading.

In 2019, Value Partners announced a proposed acquisition by China Guangfa Securities, which would have effectively taken the firm private. The deal ultimately collapsed after failing to secure regulatory approvals, and Cheah Cheng Hye publicly stated he would remain at the helm. Since then, he has refocused the investment team and sought to stabilize assets under management after significant redemptions tied to China equity underperformance.