Xiao Zhang of Pinestone Asset Indicted for Stealing Trade Secrets

Nov 4, 2024, 07:02 PM

Xiao Zhang, a Chinese national and top executive at the Shanghai-based hedge fund Pinestone Asset Management, has been indicted in the United States for allegedly stealing trade secrets from his former employer, Arrowstreet Capital, a Boston-based quantitative investment firm. The indictment alleges that Zhang, also known as Sean Zhang, accessed sensitive information using a VPN while working in Massachusetts in 2021. Zhang is currently at large overseas. The case has garnered significant attention in Chinese media.