Richard Liu Qiangdong is the chief executive officer of one of China’s largest e-retailing platforms known as JD.com. According to recent statistics by Forbes Magazine, Liu’s net worth is estimated at $11 billion while his company is worth $57.6 billion. Among the significant shareholders of JD.com is Walmart which has increased its share stake to around 12%.
Contrary to the expectation that Richard Liu Qiangdong is a business graduate, well he is a sociology graduate from the Renmin University of China. He graduated in 1996 but was a coding work freelancer. Shortly after his degree is when he pursued an Executive Masters in Business Administration from China Europe International Business School. After his masters, he was employed by a Japanese Pharmaceutical firm where he played the role of director for computers and business for the two years that he served there.
Richard Liu opened his magneto-optical products shop in Beijing in the year 1998, which he named Jingdong. His business was doing so well until 2004 when there was an outbreak of the Severe Acute Respiratory Syndrome which made his customers and staff remain at home. It is at this point that Liu thought of operating his business online so that environmental factors would no longer be an inhibiting factor for his company, thus the birth of JD.com in 2004. Richard Liu Qiangdong shut down all his 13 stores so that he would specialize on e-commerce where he began selling a variety of goods alongside his magneto-optical products and electronics.
JD.com has experienced so much growth over the years and has faced severe competition from other e-commerce retail stores such as Alibaba which is also a Chinese online store. To expand its market, WeChat’s owner Tencent acquired a stake in JD.com of up to 15% for a total of $215 million. At this point, WeChat and JD.com struck a deal that it would promote JD.com on its social networks which on a typical day boasts close to a billion active users. Shortly after this agreement, JD.com became quite popular in the United States and continued to maintain its excellent reputation in the e-commerce industry.
Visit his LinkedIn : https://cn.linkedin.com/in/richard-liu-45113b47