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  • China-Focused Manager Seeks to Debunk the JD.Com Myth

    Published: April 06, 2020

    Wong Kok Hoi, founder and CIO of Singapore-based APS Asset Management has been bearish on for years. Last week, SumZero published his full-length short report on the e-commerce giant, whose $60B valuation he deems "unjustified". We sat down with Wong for an in-depth dissection of his thesi...

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  • Is the Future of Chinese E-Commerce?

    Published: July 27, 2018

    JD continues to exceed our projections for active customers, revenue growth, and category expansion, while operating profit is below our expectations. The latter is a result of JD reinvesting profits from mature product categories into newer ones - fast-moving consumer goods, otherwise known as F...

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