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    Andrew Cheng

    Research Analyst at J.P. Morgan

    Andrew Cheng is an Executive Director for Institutional Business (Taiwan) at J.P. Morgan, where he specializes in managing relationships and strategies with institutional clients in the Taiwanese market. He is recognized for his deep expertise in regional financial services and plays a significant role in overseeing client coverage for major institutional firms, though specific public records do not detail individual company coverage or quantified performance metrics. Cheng has spent a considerable portion of his career with J.P. Morgan, with limited previous experience at other firms being disclosed in available records. His professional credentials are aligned with senior executive requirements in banking, including expertise in cross-border institutional finance, though detailed securities licenses and FINRA registration specifics are not publicly listed.

    Andrew Cheng's questions to Vipshop Holdings (VIPS) leadership

    Andrew Cheng's questions to Vipshop Holdings (VIPS) leadership • Q2 2025

    Question

    Andrew Cheng from J.P. Morgan asked for clarification on the Q3 revenue guidance, questioning if the return to positive growth was due to a favorable comparison base or a sustainable trajectory. He also asked about the significant increase in share buybacks during Q2.

    Answer

    Jessie Zheng, Head of IR, attributed the positive Q3 guidance to successful organizational and merchandising adjustments that have spurred a recovery in active customers, particularly new ones, and stated there is no material base effect. CFO Mark Wang explained that the increased Q2 buyback was not for any special reason but is part of the company's ongoing commitment to return at least 75% of its 2024 non-GAAP net income to shareholders.

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