🎉CBA Trader Interview: Tay Chi Keng spotlights Opportunities in China

Introduction

In 2022, when headlines screamed about China's "un-investable" markets and friends dumped their Chinese tech holdings, I did something radical: I doubled down. Today, my Tencent position sits on 70% unrealized gains, while Alibaba forms the core of my portfolio. This isn't luck, it's the result of a seven-year journey learning to separate fear from opportunity in the world's most misunderstood market.

How It All Began

My investing education began during National Service, where I balanced military duties with analyzing stocks in my bunk. But the real foundation came earlier watching my veteran investor father turn dinner conversations into masterclasses on investing.

This unique upbringing shaped my hybrid approach:

• Value Investing Roots (Buffett/Munger principles)

• Behavioral Edge (Spotting when fear overshoots fundamentals)

My "aha" moment came when I realized most investors overcomplicate China: "At least their regulatory risks are transparent.

The China Playbook: Finding Diamonds in the Rough

While others panicked-sold during the 2022 tech crackdown, I saw Tencent trading as if its 40% of revenues gaming business was worthless. My framework kicked in:

1. The Resilience Test

   Did regulations destroy the core business? (No—just reshaped it)

   What was management doing? (Adapting and innovating)

2. The Sentiment Gauge

   When my finance peers called me "reckless" for buying, I knew we were near capitulation

3. The Valuation Anchor

   Netting out their cash and investment portfolio, Tencent and Alibaba were trading at single-digit valuation multiples (as if the market was pricing in permanent decline)

Execution Through Volatility

Here's how Tiger Trade enables my strategy:

• Long-Term Focus

• Community Wisdom

Why I'm Still Not Selling

With Chinese tech now rebounding, everyone asks: "When do you take profits?" My answer:

• Tencent still trades below the 5-year average P/E

• Alibaba's cloud/AI investments are just monetizing

A Challenge to the Tiger Trade Community

The next crisis will come—maybe from tariffs, maybe regulation. When it does:

1. Check if the business broke or just the stock price

2. Ask: "Is this a temporary or permanent issue?"

3. Review my 3-part Resilience Test

Final Thought

Markets will always test your conviction, but with the right framework, panic becomes an opportunity. The next crisis isn’t a reason to flee; it’s your chance to buy what others misunderstand.