Alibaba-Backed Robo Adviser Aqumon Seeks to Tame China Day Traders

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Aqumon, a Hong Kong robo adviser backed by Alibaba, is looking to expand to China where day traders tend to focus on more short-term returns.

Kelvin Lei and Don Huang spent several months huddled in a corner of a Hong Kong university library, but they weren’t cramming for any exam. Back in 2015, the former DBS Bank Ltd. colleagues were looking to launch their robo-advisory startup and wanted to scrimp on office costs.

“We were in the library for nine months,” Lei said in an interview from Hong Kong. “We didn’t have any money.”

Today, the robo-services company they developed has more than 130 employees. Aqumon helps people build portfolios of global assets using data science and artificial intelligence. The startup is seeking to raise around $50 million in a Series B financing round this year from investors including banks, venture-capital firms and even sovereign funds.

The firm, which offers its services through an app and also via financial institutions, is aiming for an initial public offering in Hong Kong that will value it at at least $1 billion within three to five years, said Lei, the chief executive officer of Magnum Research Ltd., the company behind Aqumon.

The entrepreneurs are also planning to further expand beyond Hong Kong into the vast but potentially challenging mainland Chinese market, where automated financial services are still in their infancy. There are no major independent robo advisers in China, according to Z-Ben Advisors Ltd., a Shanghai-based consultancy that tracks China’s asset-management industry. About 15 fund companies, banks and brokerages, and a handful of fintech firms including Ant Group Co., offer the services, it says.

Vanguard Group has abandoned plans to seek a mutual fund license in China and will instead focus on building out the robo-adviser platform that it rolled out with Ant last year, it said in a statement.

Aqumon’s model of offering longer-term investment strategies tailored to different levels of risk tolerance aligns with the Chinese government’s goals, Lei said. They include avoiding the kind of frenetic trading that led to boom-and-bust cycles like the one in 2015. The app doesn’t provide margin loans.

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