$JD.com(JD.US) previously made most of its profits from Dong Ge, but today I liquidated my position, mainly because $BABA-WR(89988.HK) further aggressively entered the flash sale market, intensifying industry competition. This changes the original investment logic, and the moat is being challenged.

Initially, the losses in the food delivery business were seen as a short-term negative, which could reverse once investments were reduced. But now this is a long-term negative. According to my model, I will only rebuild my position around $24, and I won’t pay attention to it in the short term.