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Notes from the CIO


APS’ Founder and CIO, Wong Kok Hoi, explains investment decisions and other developments that affect APS’ investors whenever appropriate. The issues he discusses range from portfolio performance to sector analysis. 

Synopses of the Notes from the CIO are presented here, as well as links to the full documents. 

SYNOPSES OF NOTES FROM THE CIO

17 MAY 2017

JD.com: Tulips, Anyone?

JD has been the darling of the investment community for the past year. In this CIO Note, we analyze JD’s business model and address 2 key issues: 1) whether JD will be able to make a relevant annual profit to justify its $55 bn market cap and 2) whether it will be the Amazon of China. 

Download the full paper here.