About Us

About

The Firm

Hong Kong-based. Principal trader of crude and middle distillates.

Matrix Investment Group Limited is a Hong Kong-based physical oil trader. The firm is a principal trader of crude oil and middle distillates, moving full-vessel cargoes between the world's major refining and demand hubs. Activity spans the Arabian Gulf, the Indian and Chinese refining belts, the Singapore complex, Fujairah, the NWE and ARA markets, and the Mediterranean.

The business was founded in 2008 as a commodity trading house, bridging energy and raw materials between China and the world. In 2021 the firm sharpened its mandate to oil and derivatives, reading the post-pandemic recovery in physical demand as the moment to specialise. Matrix is independent, privately held, and run with the discipline of a trading house and the flexibility of a hedge fund.

The Founder

Lee Shi

Founder

Lee Shi is the founder and chief executive of Matrix Investment Group Limited.

His early career has been built around cross-border commerce between China, the United States and the wider world, advising foreign-invested Chinese enterprises and international corporates through both growth and distressed-recovery mandates. He serves as a board advisor to a number of leading firms across his fields of activity.

Beyond Matrix, Lee operates an integrated lithium mining and trading business through Salliot Material Technology and Salliot Lithium, extending his commodities mandate into the energy transition supply chain.

Lee holds a Bachelor of Engineering in Electrical Engineering from Shandong University and a Master of Science in Electrical Engineering from Youngstown State University.

He founded Matrix in 2008 on a single conviction: in physical commodities, the most valuable role a trader can play is that of a reliable counterparty. Someone who delivers, performs, and treats the relationship as worth more than any single cargo. That conviction continues to shape the firm.

The Firm

Baiju Devaraj

Principal

Baiju Devaraj is a principal of Matrix Investment Group Limited and runs the firm's trading desk. He is also the founder of Devan Holdings, his own physical oil trading desk and a Matrix counterparty across many cycles. As principal at Matrix, he led the firm's 2021 transition into a fully institutional-grade physical oil trader.

Fifteen years across the oil markets, with counterparty relationships that span Gulf producers, Indian and Chinese refiners, the Singapore middle distillates complex, and the ARA and NWE clean products trade. He came to physical from a senior seat on a financial derivatives desk — a foundation that still shapes how he prices the book.

He carries the firm's market and counterparty risk. Every position is sized to limits he sets and cleared against counterparties he has personally underwritten.

The discipline he brings is plain: trade only what the freight, the structure, and the counterparty all support.

Baiju holds a Bachelor of Engineering in Industrial Engineering.

Li Yong Xing

Executive Director

Li Yong Xing is an executive director of Matrix Investment Group Limited.

Li brings more than three decades inside China's energy, mining and minerals sector — across state-linked resource enterprises and cross-border supply into the mainland. As an executive director he gives the board a China-facing perspective on counterparty standing, market access and the resource flows that move the markets Matrix serves.

His remit on the board covers governance, counterparty review and the firm's read on Chinese energy and feedstock demand.

Farhan Mujibudheen

Senior Trader

Farhan Mujibudheen is a senior trader at Matrix Investment Group Limited, where he runs the firm's clean-products book and its paper hedging on ICE and CME. His coverage stretches from Europe to Singapore — ARA and NWE flows into the East–West arb — and reaches into the Chinese and Gulf markets, with crude traded alongside. But the edge is the desk behind it.

A background across investment banking and financial analytics — including a commodities data seat at Bloomberg — shapes how he prices a trade: curve, spread and optionality weighed before a barrel moves. Quantitative by training and physical by conviction, he has built that instinct into the firm: the proprietary CTRM platform, the satellite vessel intelligence layer, and the analytical tooling the desk now relies on — architecture applied to a physical book, run with the discipline of a market that does not forgive.

Farhan holds a Bachelor of Business and a Master of Science in Economics from the University of Glasgow, with a specialisation in game-theoretic economics.