Richard Liu Qiangdong is a Chinese internet entrepreneur who is dominant and aggressive. He is the founder, chair, and CEO of one of China’s largest e-commerce platform, JD.com. The platform is worth approximately $57.6 billion while Richard Liu is worth $11 billion. JD.com is the world’s third largest internet companies and has the support of prominent companies such as Walmart and Google. Walmart is among the shareholders of JD.com and has recently increased its stake by 12%. Liu plans to expand the online platform to Europe and Us after he is done with Asia.
Richard Liu graduated in 1996 with a degree in sociology from Renmin University of China. As a student, Liu devoted much of his time sharpening his computer programming skills by engaging in freelance coding work. Later, Li earned an EMBA from the China Europe International Business School. After graduating, Liu worked for a health products company, Japan life for two years. He held different positions in the company including the director for computers and director of business.
In 1998, Richard Liu ventured in entrepreneurship and opened a shop in Beijing selling magneto-optical products. He named the shop “Jingdong” a combination of the last name of his then-girlfriend and his own. By 2003, Liu’s business had grown exponentially, and he opened 12 more stores. Unfortunately, in the same year, there was a SARS epidemic forcing people- both staff and customers- to remain housebound. This was a blessing in disguise because Liu had to rethink his business model. He switched his operations from physical stores to online and founded JD.com –Jingdong Mall- in 2004. By 2005, Liu had closed down all his physical stores to focus on e-commerce.
At JD.com, Richard Liu Qiangdong sold electronics and various quality consumer goods. The company’s revenue hit $37billion and a market capitalization of $44 billion in 2014. In the same year, weChat acquired a 15% stake in JD.com for 215 million, and the e-commerce platform went public in the US. JD.com is among the leading e-commerce businesses in China with Alibaba being it’s a fierce competitor. See This Page for related information.