I bought the same Aces S227HK monitor and I have the same MacBook (mid 2014 15 inch retina with the Intel Iris Pro 1536 MB video card). The monitor works on 60Hz with a mini display to display cable (version 1.2). The quality is really nice, really sharp although the brightness is less than my 27 inch cinema display. But it's absolutely usable.
Unwanted, I'm a cable expert right now. First I tried a mini display to HDMI cable but that doesn't work since it only runs on 30Hz. Then I tried to buy a mini display to display or a mini display to mini display cable. I already found out that I needed the 1.2 version, whatever that might be. At the Apple store they didn't have the cable but they insisted that a Thunderbolt to Thunderbolt cable would work too. I looked it up on the internet and it seems that I need a Thunderbolt 2 cable since a Thunderbolt 1 cable is only compatible with the display 1.1a standard (yes, indeed). And Thunderbolt 2 should be compatible with de display 1.2 standard. I bought the 30 euro cable but it doesn't work. Maybe it is a Thunderbolt 1 cable or it just doesn't work. I ordered a 16 euro mini display to display cable and now it works.