Hedge Fund in HK Raid Took Big Bets, Failed Goldman Test (1)

Before it was swept up in Hong Kong’s biggest financial-industry raids since 2017, hedge fund firm Infini Capital Management Ltd. was already a subject of intrigue in the city’s close-knit financial community.

Founded by former investment banking analyst Tony Chin, Infini developed a reputation for negotiating directly with companies for share placements, encroaching on the territory of investment banks that typically manage deals, according to people familiar with the matter. It was also willing to take bets bigger than the assets in its hedge fund, the people said.

While Infini courted attention with unorthodox fee models and hires that ...