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Business Times
25-07-2025
- Business
- Business Times
The rise and fall of New Silk Road, one of the longest-running hedge funds in Singapore
[SINGAPORE] Investment management firm New Silk Road announced earlier in July that it will be closing its doors after a 16-year run in Asia. Based in Singapore, it is one of the longest-running hedge funds in the city-state. It is the investment manager of the Asia Landmark Fund, which has onshore and offshore investment structures for US and international investors through a Cayman LP and Cayman offshore feeder fund. So what caused New Silk Road to shutter, and who are its founders? The Business Times explains, and also takes a look at what hedge funds are, and this industry in Singapore. The origins of New Silk Road, and who are its founders? Founded in 2009, the company was started by Raymond Goh, the former head of Asian equities at GIC, and Hoong Yik Luen, the former head of Hong Kong-China equity products at Deutsche Bank. New Silk Road in its early stages was considered a pioneer in the finance scene of Singapore. For context, the Republic's hedge fund market managed S$59 billion pre-2010s, which has since grown to S$327 billion as at December 2024, based on data from the Monetary Authority of Singapore (MAS). Goh and Hoong's hedge fund is known to be one of the earliest in Singapore to invest long-short equities across Asia. Its strength was being among the early foreign investors in China, via an on‑the‑ground Shanghai team. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Notably, the company received Qualified Foreign Institutional Investor access in 2012 to invest in Chinese yuan-denominated mainland Chinese stocks and bonds. At the time, fewer than 200 firms received such licences from the China Securities Regulatory Commission. This move attracted a large pool of US institutional investors seeking Asia-centric exposure for their portfolios, drawn to New Silk Road's Asia Landmark Fund and China Fund, New Silk Road's growth trajectory saw an incline since its beginnings, having reached nearly US$2 billion in assets under management in 2021. Goh and Hoong are among the first pioneers in setting up an Asia focused hedge fund. Goh was previously with GIC for 18 years, according to his LinkedIn profile. Hoong graduated from the National University of Singapore (NUS) with an electrical engineering degree in 1990. Following that, he was in a few roles involving public and private market equity research and investment with various global firms, according to the NUS website. After his last role as the head of Hong Kong-China equity products at Deutsche Bank in 2008, he co-founded New Silk Road Investment with Goh. Both are crossing 60 years old, Hoong told Bloomberg. China investment slump Hoong told Bloomberg that the main reason for the shuttering of the fund is that they are opting for a slower pace. However, the fund's struggles also came during a time when China markets went into a slump, with China's widespread regulatory crackdown across sectors such as technology and real estate, and investors flocking to US markets. In 2022, China's benchmark CSI 300 Index tumbled by 22 per cent, with the decline extending into 2023. This affected various China investors and caused many funds to close. The China bear market persisted for a couple of years, but has since rebounded this year. Both the Asia Landmark Fund and the China Fund recorded negative returns for three of the past five years, with slumps of 28 per cent and 19 per cent, respectively, in 2022, according to Bloomberg, citing sources. These effects were clearly felt by New Silk Road, where it scaled back on staff levels in Shanghai, and closed a recently launched South-east Asia fund, said Hoong. The number of staff affected remained undisclosed. The closure of Hoong and Goh's hedge fund was announced on Jul 22, where all remaining capital will be returned to investors and the vehicles will be shuttered, amid a high level of investor redemptions and weak returns. Experts BT spoke to suggested that once a certain level of investor redemptions is hit, it is difficult for hedge funds to build back their capital. New Silk Road is not the only one to have gone through a rocky decline in Asia in the recent few years, though for a mix of other reasons. Another Singapore hedge fund Asia Genesis, for example, in January 2024 faced a significant level of drawdowns, in the light of its long positions in Hong Kong and China collapsing due to China's market rout, and short bets on the Nikkei crushed as Japan stocks surged to a 34-year high that month. The Asia Genesis Macro fund saw drawdowns of 18.8 per cent within the first weeks of January 2024 following its long-short play went wrong. The fund closed all its positions by Jan 18, 2024, and returned money after its losses to investors. What is a hedge fund, and what are some top hedge funds in Singapore? Within Asia-Pacific, Singapore continues to be an attractive centre for alternative and hedge fund managers to set up their regional investment teams, said MAS last year. The regulator noted that more global hedge fund managers are setting up offices here, with more than 250 of such managers as at the end of 2023. Some top hedge fund managers in Singapore include Quantedge Capital and Dymon Asia Capital. Dymon Asia manages over US$3.5 billion, while Quantedge manages more than US$4 billion. Dymon says its fund posted an 8 per cent return through May this year, topping other funds at global peers. Last year, it was up 17 per cent. Another long-running Singapore hedge fund manager is APS Capital Management, with its founder Wong Kok Hoi also considered an early pioneer in the scene. He was previously with GIC and MAS. Hedge funds are private funds actively managed by portfolio managers, and typically are considered higher-risk and requires a higher investment to start. There are many types of hedge funds, with various strategies ranging from long-short, global macro and multi-strategy. They can invest in a variety of assets, including stocks, fixed income, real estate, currencies and futures. The Singapore hedge fund market totalled S$327 billion as at December, according to data from MAS.
Independent Singapore
25-07-2025
- Business
- Independent Singapore
New Silk Road hedge fund shuts down after weak returns, US investors pullback and founders' decision to 'hang up their boots'
Photo: Freepik/freestockcenter SINGAPORE: New Silk Road Investment Pte is shutting down after years of weak returns and as US investors' enthusiasm for liquid equity investments in Asia waned, cutting the fund's assets from nearly S$2 billion in 2021 to S$615 million by the end of 2024. However, Bloomberg reported that the firm wasn't forced to wind down because of deficits but because both founders, now in their 60s, opted for a slower pace, with no immediate successors ready to take over the business. The firm, one of Singapore's early hedge funds and among the first foreign investors in China's onshore markets, was founded in 2009 by Yik Luen Hoong, a former Deutsche Bank executive, and Raymond Goh, who previously led Asian equities at GIC. While Mr Hoong noted that the firm's traditional source of funding from US institutions had been 'less enthusiastic' about liquid equity investments in Asia in recent years, 'in no small part due to geopolitical reasons,' he added: 'We had just decided to hang up our boots to return the capital to our investors so that they can pursue a more appropriate strategy of the time. It's as simple as two veterans choosing a different path in life.' See also Hedge Funds vs Mutual Funds vs ETFs – Which Should I Invest In? Mr Hoong confirmed the firm's closure in an email to Bloomberg , stating that all capital will be returned to investors. The fund's performance struggled in recent years. Its Asia Landmark Fund and China Fund recorded losses in three of the last five years. In 2022, Asia Landmark Fund dropped by 28% while China Fund fell 19%, alongside the 22% decline in China's CSI 300 Index. 'We are just one of many active value funds in Asia that have not been the favour of the time,' he said, adding that the market had shifted in a way that no longer supports a 'longer-term fundamental investing approach with value bias'. New Silk Road had already started scaling back earlier this year, cutting staff in Shanghai and closing a more recently launched Southeast Asia fund, although the number of roles affected remains unclear. Mr Hoong, who acknowledged that active management in Asia has been 'tough,' also noted that Singapore remains a successful hub for hedge funds. /TISG Read also: Will Cathay Cineplexes soon bid its final farewell amid millions in debt? () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Yahoo
21-06-2025
- Business
- Yahoo
The China Fund, Inc. Announces Board Approval of Plan of Liquidation
BOSTON, June 20, 2025 (GLOBE NEWSWIRE) -- The China Fund, Inc. (NYSE: CHN) (the 'Fund') announced today that its Board of Directors (the 'Board') has approved a plan of liquidation and dissolution (the 'Plan') for the Fund. The Plan will be submitted to Fund stockholders for approval at a Special Meeting. The date of the Special Meeting and more detailed information about the proposed liquidation and Plan will be set forth in a proxy statement to be mailed to the Fund's stockholders in the near future. The Board recommends that the Fund's stockholders vote for the liquidation of the Fund at the Special Meeting. In determining to liquidate the Fund, the Board considered a variety of factors including, among others, prevailing geopolitical and market conditions, the size of the Fund, the trading volume of the Fund's shares, the Fund's discount to net asset value, and the availability of competing open-end products, such as exchange-traded funds. The Board also considered alternatives, including converting the Fund into an open-end management investment company. On balance, the Board determined that the liquidation of the Fund is in the best interests of the Fund and its stockholders. The Fund intends to file a proxy statement with the U.S. Securities and Exchange Commission (the 'SEC') with respect to the proposal to liquidate the Fund. As noted, copies of the Fund's proxy statement will also be mailed to each stockholder of record of the Fund. Upon receipt, stockholders are advised to read the Fund's proxy statement as it will contain important information. Once filed with the SEC, the proxy statement will be available free of charge on the SEC website, This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the Fund's current plans and expectations, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Additional information concerning such risks and uncertainties are contained in the Fund's regulatory filings, which are available free of charge on the SEC's website. An investment in the Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate. Any data and commentary provided in this press release are for informational purposes only. The Fund is a closed-end management investment company. The Fund's investment manager is Matthews International Capital Management, LLC. For further information regarding the Fund, please call (888)-CHN-CALL or visit the Fund's website at The information contained on the Fund's website is not part of this press release. Copies of the Fund's complete audited financial statements are available free of charge upon request. Investments involve risk, including possible loss of principal, and an investment should be made with an understanding of the risks involved with owning a particular security or asset class. Interested parties are strongly encouraged to seek advice from qualified tax and financial experts regarding the best options for your particular circumstances. Contact Julian ReidChairman of the BoardThe China Fund, Inc.+44 7768 068200Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Globe and Mail
21-06-2025
- Business
- Globe and Mail
The China Fund, Inc. Announces Board Approval of Plan of Liquidation
BOSTON, June 20, 2025 (GLOBE NEWSWIRE) -- The China Fund, Inc. (NYSE: CHN) (the 'Fund') announced today that its Board of Directors (the 'Board') has approved a plan of liquidation and dissolution (the 'Plan') for the Fund. The Plan will be submitted to Fund stockholders for approval at a Special Meeting. The date of the Special Meeting and more detailed information about the proposed liquidation and Plan will be set forth in a proxy statement to be mailed to the Fund's stockholders in the near future. The Board recommends that the Fund's stockholders vote for the liquidation of the Fund at the Special Meeting. In determining to liquidate the Fund, the Board considered a variety of factors including, among others, prevailing geopolitical and market conditions, the size of the Fund, the trading volume of the Fund's shares, the Fund's discount to net asset value, and the availability of competing open-end products, such as exchange-traded funds. The Board also considered alternatives, including converting the Fund into an open-end management investment company. On balance, the Board determined that the liquidation of the Fund is in the best interests of the Fund and its stockholders. The Fund intends to file a proxy statement with the U.S. Securities and Exchange Commission (the 'SEC') with respect to the proposal to liquidate the Fund. As noted, copies of the Fund's proxy statement will also be mailed to each stockholder of record of the Fund. Upon receipt, stockholders are advised to read the Fund's proxy statement as it will contain important information. Once filed with the SEC, the proxy statement will be available free of charge on the SEC website, This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the Fund's current plans and expectations, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Additional information concerning such risks and uncertainties are contained in the Fund's regulatory filings, which are available free of charge on the SEC's website. An investment in the Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate. Any data and commentary provided in this press release are for informational purposes only. The Fund is a closed-end management investment company. The Fund's investment manager is Matthews International Capital Management, LLC. For further information regarding the Fund, please call (888)-CHN-CALL or visit the Fund's website at The information contained on the Fund's website is not part of this press release. Copies of the Fund's complete audited financial statements are available free of charge upon request. Investments involve risk, including possible loss of principal, and an investment should be made with an understanding of the risks involved with owning a particular security or asset class. Interested parties are strongly encouraged to seek advice from qualified tax and financial experts regarding the best options for your particular circumstances. Contact
