SINGAPORE (April 26): APS Asset Management Pte founder Kok-Hoi Wong is preparing to step down as chief investment officer (CIO) of the Singapore-based hedge fund in the coming year.

APS’s current head of investment strategy Wang Kangning will become co-CIO and replace Wong within a year, the firm said in a note to clients. The company manages US$1.7 billion (RM8.12 billion) across all its strategies, according to a spokesman, and Wong said he will continue to manage money, write analysis and conduct research trips to China. 

The announcement comes four years after APS shifted strategies to become a China-focused fund. The firm has long been known for its contrarian takes on major Chinese companies such as its long-held short view on JD.com Inc.

While China helped fuel much of the firm’s growth, China-focused funds have struggled over the past 12 months as government policies and shifting domestic demand saw shares of its listed companies sink and soar. APS’s flagship All China Alpha Fund is up 0.2% year to date, while the Eurekahedge Greater China Hedge Fund Index was up 1.03% for the first three months of 2024.

“Kangning has many of the attributes I like to see in an investor: independent, contrarian thinking, having the guts to buy a stock when everybody is dumping, having tonnes of common sense and always thinking of stocks,” Wong said in a note to clients.