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Liu Qiangdong

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(Redirected from Richard Liu)
"Richard Liu" redirects here. For the Singaporean actor, see Richard Low.
In this Chinese name, the family name is Liu.
Liu Qiangdong
Born (1973-03-10) 10 March 1973 (age 51)
Suqian, Jiangsu, China
Alma materRenmin University (LLB)
China Europe International Business School (MBA)
Occupation(s)Founder and chairman, JD.com
Spouse
​
(m. 2015)​
Children2
Chinese name
Traditional Chinese劉強東
Simplified Chinese刘强东
Transcriptions
Standard Mandarin
Hanyu PinyinLiú Qiángdōng
Bopomofoㄌㄧㄡˊㄑㄧㄤˊㄉㄨㄥ
Tongyong PinyinLiu QiangDong

Liu Qiangdong (Richard) (Chinese: 刘强东; born March 10, 1973)[1][2][3][4][5] is a Chinese Internet entrepreneur. Liu founded JD Multimedia as a business-to-consumer single retail store for magneto-optical products in June 1998 and later moved the company into an e-commerce website known as JD.com (also known as Jingdong) in 2013.[6]

Liu is the company's former chief executive officer and now chairman, expanding its e-commerce products from selling consumer electronics to less specialized items. Under his leadership, JD.com has become the largest retailer in China.[7][8] According to Forbes, Liu's net worth is US$4.9 billion as of 2023.[9][10]

Early life and education

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Liu Qiangdong was born on March 10, 1973, in Suqian, Jiangsu province.[4][5][11] He graduated from primary school in the Jiangsu province and enrolled in the department of sociology in the Renmin University of China 1992.[12] He graduated from Renmin University with a Bachelor of Laws with a major in sociology in 1996. He received an executive Master of Business Administration from China Europe International Business School in Shanghai.[13]

As a college student, Liu invested his income earned from programming work and family loans into a restaurant venture. The business failed in a few months, losing more than RMB200,000, which left Liu in debt.[14][15]

Career

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After graduation, Liu was employed by Japan Life, a Japanese health product enterprise, and successively served as the director for computers, the director for business, and the logistics supervisor.[16]

In June 1998, he started his own business Jingdong in Zhongguancun High-tech Industrial Park in Beijing as a distributor of magneto-optical products, focusing on selling authorized products when counterfeit products were widely sold.[6]: 11  Liu opened 12 brick-and-mortar stores under the Jingdong brand by 2003.[17]

The SARS outbreak in 2003 kept staff and clients of Jingdong at home and forced Liu to rethink the business model and divert to online business. Due to the outbreak, Liu's business lost over 8 million yuan.[6]: 17  Liu launched his first online retail website in 2004, and founded JD.com (short form for Jingdong) later that year. In 2005, Liu closed off all brick-and-mortar stores and became an e-commerce business.

In 2005, Liu received an offer to sell JD.com for 18 million yuan, which he rejected.[6]: 27 

In 2007, Liu employed a full-category strategy for JD.com, changing the company's business model from selling consumer electronics to large variety of goods.[6]: xiii  The company has become one of the leading e-commerce businesses in China. JD.com has been compared to Amazon because of similar business models,[18] and Liu has been compared to Jeff Bezos as a self-made individual.[19][20]

JD.com applied to go public in the US in January 2014.[21] Liu raised $1.8 billion with a public listing on the Nasdaq in May the same year, and JD.com became the largest IPO for a Chinese internet company traded in New York.[22] On 22 May 2014, the stock price rose about 15%.[23] JD.com is the third largest internet-company in the world (by revenue) and is the largest e-commerce company in China.[24][25][26][27][28]

In April 2022, Lei Xu became CEO of JD.com, and Liu stepped into the role of chairman, continuing to focus on the company’s long-term strategies.[29] Sandy Ran Xu became CEO of JD.com in May 2023.[30]

During a livestream in April 2024, JD.com introduced an AI digital representative of Liu, nicknamed “procurement and sales manager Brother Dong (采销东哥).” Liu’s avatar appeared in both JD Home Appliances and JD Supermarket’s livestreaming rooms, attracting over 20 million views within the first hour and generating RMB 50 million in sales throughout the entire livestream.[31][32]

Philanthropy

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In 2008, Liu volunteered as part of Red Cross efforts and drove to Pingwu County to help the victims of the Sichuan earthquake.[6]: 104 

In 2013, when JD.com was relatively small with “only 38 employees,” Liu and the company went to Jingle County in Shanxi to sponsor the education of underprivileged children.[33]

In April 2020, Liu and Zhang Zetian announced a donation through the China Charity Federation that included 5 million masks, 50 invasive ventilators and more than 600,000 pieces of protective medical supplies to the UK.[34][35] That same month, Liu donated over 160,000 pieces of medical supplies to Uzbekistan as well as 800,000 masks to Chile.[36]

In February 2022, Liu pledged to donate his JD.com shares, currently worth $2.3 billion, to charity.[37][38] Later that year, Liu personally donated 100 million RMB, which was matched by the company and its subsidiaries, to a housing security and relief fund that will provide for the families of JD.com employees in the event of the employees’ death or injury.[39]

Liu and his wife Zhang Zetian established the Tian-Qiang Charitable Fund. The Fund co-launched a children’s books donation campaign “Starlight Transmission” program in 2023, which has donated books to more than 100 primary schools in rural areas.[40]

Personal life

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In August 2015, Liu Qiangdong married Zhang Zetian.[41] Their relationship started in early 2014 when Liu studied at Columbia University and Zhang was an exchange student at Barnard College, affiliated with Columbia University.[42][43][44][45]

Growing up, his family lived in poverty.[45] Liu and his wife, Zhang Zetian, returned to his hometown Suqian for the 2015 Spring Festival, gifting over 650 elderly villagers with red envelopes. They have continued this tradition, sending regular Spring Festival gift packages filled with food, clothing and daily necessities to the villagers.[46]

On August 31, 2018, Liu was arrested in Minneapolis, Minnesota, with the charge of rape.[47][48][49][50][51][52][53] The local police found "no substance to the claim against Mr. Liu".[54][55][56][57][58][59][60][61] Despite this, three law firms filed class-action lawsuits against JD.com, alleging that the company “failed to disclose pertinent information” about Liu’s arrest.[59][62] Liu's attorneys denied any wrongdoing[49] and claimed that the charges are not supported by evidence.[63]

On April 16, 2019, a student at the University of Minnesota, formally filed a civil lawsuit against Liu Qiangdong, claiming he sexually assaulted her.[64][65][66] In 2022, a settlement was reached, and the situation was handled outside of court.[67][68]

In 2024, Liu initiated the “Sending New Year’s Gifts to Villagers” campaign, ordering over 1000 down jackets and gift boxes to LaiLongzhen, Suqian. These goods reached over 1,300 households in Guangming Village, his hometown.[46]

References

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  1. ^ SEC; JD.com. "THE COMPANIES LAW EXEMPTED COMPANY LIMITED BY SHARES SECOND AMENDED AND RESTATED MEMORANDUM OF ASSOCIATION OF JD.COM, INC". SEC.gov. SEC. Page 5 shows Liu's Chinese ID number which indicates that his date of birth is 10 March 1973. Retrieved 2018-09-02.
  2. ^ Yin, Feng (2014). 京东的秘密：刘强东和他的京东商城 [The secret of Jingdong: Liu Qiangdong and his Jingdong Mall] (in Chinese). Guangdong Travel & Tourism Press. ISBN 9787807669005.
  3. ^ "Liu Qiangdong". All-China Federation of Industry and Commerce (in Chinese). Archived from the original on 2018-09-02. Retrieved 2018-09-02.
  4. ^ a b Shan Lee (September 2, 2018). "Chinese Billionaire Released by Minnesota Police After Arrest on Alleged Sexual Misconduct". Wall Street Journal. Retrieved October 29, 2023.
  5. ^ a b "Liu Qiangdong Case" (PDF). Vample. August 31, 2018. Retrieved October 29, 2023.
  6. ^ a b c d e f Zhigang, Li (2016). The JD.com Story. LID Publishing. ISBN 9781910649718.
  7. ^ "刘强东：电子商务现在正是到了泡沫期" (in Chinese). 网易财经. 2011-01-17.
  8. ^ "Top eCommerce stores in Greater China". ECDB. Retrieved October 29, 2023.
  9. ^ "Forbes profile: Liu Qiangdong". Forbes. Retrieved 4 February 2021.
  10. ^ Flannery, Russell. "China Billionaire's 24-Year-Old Wife Boosts JD.com's Fashion Growth". Forbes.
  11. ^ "Richard Liu". Bloomberg. Retrieved October 29, 2023.
  12. ^ "刘强东为家乡老人发650万春节红包". 责任编辑：jimmonzang (in Simplified Chinese). 腾讯网. 2015-02-17.
  13. ^ "Richard Liu or Liu Qiangdng - Founder and CEO of JD.com". en.jd.com. Archived from the original on 2016-03-16. Retrieved 2017-11-03.
  14. ^ Lessons from an Early Failure (Archived Article on FT.com)
  15. ^ "刘强东讲述3个血泪段子：一夜竟然愁白了头" (in Chinese). 网易教育. 2014-04-23.
  16. ^ Griffiths, James (2014-11-14). "How JD.com's Richard Liu turned early disaster into future success". Scmp.com. South China Morning Post.
  17. ^ "About JD.com CEO Richard Liu". JD.com.
  18. ^ Shead, Sam. "Inside JD.com, the giant Chinese firm that could eat Amazon alive". Wired.
  19. ^ Anderlini, Jamil. "Liu Qiangdong, the 'Jeff Bezos of China', on making billions with JD.com". Financial Times.
  20. ^ Chan, Tara Francis. "'China's Jeff Bezos' is now running a village and vows e-commerce will eliminate poverty". Business Insider.
  21. ^ "China's JD.com IPO raises $1.78 billion, augurs well for Alibaba". Reuters. Retrieved August 18, 2019.
  22. ^ "Bloomberg Billionaires Index". Bloomberg. Retrieved February 5, 2024.
  23. ^ Pimentel, Benjamin (2014-05-22). "JD.com shares rally 15% in IPO". MarketWatch. Retrieved 2015-08-11.
  24. ^ "Here's The Latest Sign That China's E-Commerce Market Is White Hot". Business Insider.
  25. ^ Schiefelbein, Luke (25 July 2018). "Is JD.com The Future Of Chinese E-Commerce?". Forbes. Retrieved 22 April 2019.
  26. ^ "Homecoming: E-commerce giant JD.com secretly files for Hong Kong second listing". independent. Retrieved 2020-04-30.
  27. ^ "Top eCommerce stores in Greater China". ECDB. Retrieved February 5, 2024.
  28. ^ Marius Kiniulis (October 20, 2023). "List of 29 Largest eCommerce Companies in the World". Markin. Retrieved February 5, 2024.
  29. ^ Michelle Toh. "JD.com's billionaire founder is stepping down as CEO". CNN. Retrieved 2022-04-15.
  30. ^ "JD.com names new CEO and executive director as Xu Lei transitions on". Marketing Interactive. May 12, 2023. Retrieved February 5, 2024.
  31. ^ "JD.com Debuts AI Digital Representative of Founder Richard Liu During Livestream, Drawing 20 Million Views in Under One Hour". Markets Insider. April 23, 2024. Retrieved June 27, 2024.
  32. ^ CoCo Feng (April 17, 2024). "China's JD.com ramps up AI use on its platform as founder Richard Liu Qiangdong debuts avatar in live-streaming sessions". South China Morning Post. Retrieved June 27, 2024.
  33. ^ "你是密切接触者吗？密切接触者测量仪上线了". Baijiahao. February 8, 2020. Retrieved February 5, 2024.
  34. ^ "Billionaires Stepping Up to Fight Covid-19". In NewsWeekly. 20 April 2020. Retrieved 2020-05-16.
  35. ^ "JD.com and Liu Qiangdong and his wife donated anti-epidemic materials to the UK, and the first batch will arrive in the UK on April 7". Baijiahao. April 2, 2020. Retrieved November 17, 2023.
  36. ^ "Liu Qiangdong continues to carry out overseas anti-epidemic assistance and donates more than 160,000 pieces of medical supplies to Uzbekistan". Baijiahao. April 3, 2020. Retrieved November 17, 2023.
  37. ^ Russell Flannery (February 2, 2022). "China's JD.com CEO Richard Liu To Donate More Than $2 Billion Of Shares To Charity". Forbes. Retrieved November 17, 2023.
  38. ^ "China's JD.com CEO joins billionaire charity rush with $2.3 billion share pledge". CNN. February 3, 2022. Retrieved November 17, 2023.
  39. ^ Han Yong Hong (November 29, 2022). "Salary cuts for senior managers: Is JD.com founder Richard Liu championing 'common prosperity'?". Think China. Retrieved November 17, 2023.
  40. ^ "JD.com donated children's books to 100 rural primary schools and launched the "Starlight Transmission" program in collaboration with Tianqiang Charity Foundation and others". Baijiaho. April 24, 2023. Retrieved June 27, 2024.
  41. ^ "JD.com CEO dating girl 19 years younger - Entertainment News". SINA English. 2014-03-11. Retrieved 2015-08-11.
  42. ^ 揭秘哥伦比亚大学 奶茶妹妹念的不是真正的哥大. news.163.com. Retrieved 2015-08-11.
  43. ^ "Chinese internet tycoon Liu Qiangdong ties knot with Sister Milk Tea". 10 August 2015.
  44. ^ "JD.com Billiionare Richard Liu Qiangdong Marries Milk Tea Meimei Zhang Zetian; Girlfriend Upgraded to Wife".
  45. ^ a b Peter Westberg (March 22, 2024). "The Story of Richard Liu Qiangdong and JD.com". Quartr. Retrieved September 7, 2024.
  46. ^ a b "Liu Qiangdong's "Human Touch"". Baijiahao. February 2, 2024. Retrieved September 7, 2024.
  47. ^ Hufford, Austen; Lin, Liza (2018-09-04). "JD.com Founder Liu Had Been Arrested on Suspicion of Rape". Wall Street Journal. ISSN 0099-9660. Retrieved 2018-09-05.
  48. ^ "Hennepin County > Sheriff's Jail Roster". www4.co.hennepin.mn.us. Retrieved 2018-09-07.
  49. ^ a b Zhang, Chunying; Hufford, Austen; Li, Shan (2018-09-06). "Arrest of JD.com CEO Came After Night of Wine and Japanese Food in Minneapolis". Wall Street Journal. ISSN 0099-9660. Retrieved 2018-09-07.
  50. ^ Qing, Koh Gui (2018-09-24). "The night a Chinese billionaire was accused of rape in Minnesota". Reuters. Retrieved 2018-09-25.
  51. ^ Qing, Koh Gui. "The night a Chinese billionaire was accused of rape in Minnesota". U.S. Retrieved 2018-10-13.
  52. ^ "刘强东明州案和解：一个争议性强奸指控的意外结局与四年缠斗". BBC News 中文 (in Chinese).
  53. ^ Li, Shan; Lin, Liza (2 September 2018). "Chinese Billionaire Released by Minnesota Police After Arrest on Alleged Sexual Misconduct". Wall Street Journal.
  54. ^ Zhong, Raymond; Li, Yuan (August 2, 2018). "Chinese Billionaire Arrested in Minnesota in Sexual Misconduct Case". The New York Times. Retrieved August 2, 2018.
  55. ^ Emily Rauhala (2018-09-02). "Chinese billionaire under investigation over sexual assault allegations in Minneapolis". Washington Post. Retrieved 2018-09-07.
  56. ^ "JD.com CEO Arrested in U.S. For Alleged Sexual Misconduct". Time. Archived from the original on September 3, 2018. Retrieved 2018-09-07.
  57. ^ 微博正文 - 微博HTML5版. m.weibo.cn (in Chinese (China)). Retrieved 2018-09-07.
  58. ^ Cadell, Cate; Wu, Kane (September 2, 2018). "JD.com CEO released after U.S. arrest; firm says he was falsely accused". Reuters. Retrieved September 2, 2018.
  59. ^ a b Chen, Celia; Delaney, Robert (2018-09-05). "JD.com faces US share-price slide lawsuits in wake of Richard Liu's arrest". South China Morning Post. Retrieved 2018-09-07.
  60. ^ "JD.com Chief Richard Liu Will Not Be Charged With Sexual Assault". The New York Times. December 21, 2018. Retrieved December 21, 2018.
  61. ^ "JD.com chief Liu Qiangdong will not face rape charges". BBC. December 21, 2018. Retrieved December 21, 2018.
  62. ^ Zhecheng, Qian (2018-09-05). "Amid Rape Allegations, US Law Firms Plan Suit Against JD.com". Sixth Tone. Retrieved 2018-09-07.
  63. ^ "Rape allegations against JD founder at odds with evidence: Lawyer". AsiaOne. Archived from the original on October 1, 2018. Retrieved 2018-10-11.
  64. ^ "College student sues JD.com CEO Richard Liu over alleged rape". CNN Business. CNN. April 17, 2019. Retrieved January 1, 2020.
  65. ^ Yuan, Li (2019-12-13). "She Accused a Tech Billionaire of Rape. The Chinese Internet Turned Against Her. - The New York Times". The New York Times. Archived from the original on 2019-12-15. Retrieved 2019-12-16.
  66. ^ "Judge rejects motion to remove Chinese billionaire's corporation as defendant in sexual assault lawsuit". Star Tribune. Retrieved 2020-05-18.
  67. ^ Tessa Wong (October 2, 2022). "Liu Jingyao and Liu Qiangdong: Chinese billionaire sexual assault case settled in US". BBC. Retrieved October 29, 2023.
  68. ^ Helen Davidson (October 3, 2022). "High-profile China #MeToo case settled in US out of court". The Guardian. Retrieved October 29, 2023.
[edit]
Business positions
New title CEO of Jingdong
2005–2022 		Succeeded by
Xu Lei (徐雷)
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