China-focused hedge funds surged in 2025. Here's who won big.

Chinese leader Xi Jinping and his ruling party have pushed to stimulate China's economy.

Xie Huanchi/Xinhua via Getty Images

• Hedge funds betting big on China generated strong returns last year.
• Managers, including Bridgewater, Tekne, and Pinpoint, benefited from a strong year for Chinese stocks.
• Many funds are also invested in ByteDance, the China-based owner of TikTok.

At the start of 2025, alarms were blaring about the risk of investing in China.

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