A Leading Independent Equity Research Firm

Providing Equity Research and China Intelligence Since 2010


About Us

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

A Survey and Data Driven Fundamental Equity Research Firm

The Firm

At JL Warren Capital, we believe that the equity market is essentially inefficient – an idea that squarely contradicts one of the great canons of modern finance theory, Eugene Fama’s efficient market hypothesis. This theory asserts that financial asset prices fully reflect all available information at all times. Therefore, no one can systematically outperform the market by using an informational advantage – one can only beat the market through luck. The spectacular and repeated failure of this hypothesis has barely dented its popularity, even following the devastating financial crisis that erupted at the end of 2007.

We believe that market inefficiencies can exist when any of the following forms of knowledge are lacking: data, analysis, or creative intelligence. Information consists of patterns in data; analysis comes from testing the patterns in the light of hypotheses; and creative intelligence arises when one leaps from analysis to new, differentiated insights. It is precisely these kinds of intelligence that help successful investors form investment decisions.

JL Warren Capital LLC was founded by Ms. Junheng Li in 2012. Prior to founding the firm, Ms. Li was a senior equity analyst at Aurarian Capital Management, a long and short hedge fund in New York. Previously, Ms. Li was an equity analyst in the global small-cap team at Franklin Templeton Fiduciary.

Ms. Li received an MBA from Columbia Business School and a BA in Economics from Middlebury College (summa cum laude). Ms. Li is the author of her business memoir “Tiger Woman on Wall Street – Winning Business Strategies from Shanghai to New York and Back” (McGraw-Hill, 2013) and a regular contributor to Bloomberg View. Her work has appeared on Bloomberg, The Wall Street Journal, Forbes, and Caixin, among others. She has also appeared on television and radio programs including CNBC, Bloomberg, CCTV, and NPR.

China Focused Research and Intelligence Subscription Service



Luxury & Fashion Retailer Monthly Survey:

  • YoY Trends (including both retail and e-commerce sales)
  • Louis Vuitton, Gucci, Dior, Moncler, Canada Goose, Prada

Cosmetics and Sneakers Monthly Survey:

  • Retail and online traffic, conversions, net store adds (both retail and e-commerce)
  • Beauty: Estee Lauder (all brands), L’Oreal (LUX), Shiseido (Prestige)
  • Sneaker: NKE, Adidas, SKX

Weekly Update on China’s NEV Delivery and Production:

  • TSLA China Daily Production, Monthly Order Intake, Weekly Deliveries
  • XPEV, NIO Daily Production, Monthly Order Intake, Weekly Deliveries

OEMs Quarterly Order Intake, IoT Software Attach Rate, Housing Starts and Land Sales Monthly Data:

  • OTIS, KONE, Shanghai Mitsubishi

Multi-level Marketing Monthly Distributor Survey:


Get in Touch with Us

  • Email: [email protected]

    Phone: (646) 881-0802

    Orange County:

    6A Liberty Plaza, Suite 100A

    Aliso Viejo, CA 92629

    New York City, NY:

    250 Greenwich Street, 46th Floor

    New York, NY 10007


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