Liu Qiangdong Explained

Liu Qiangdong
Birth Date:10 March 1973
Birth Place:Suqian, Jiangsu, China
Occupation:Founder and chairman, JD.com
Alma Mater:Renmin University (LLB)
China Europe International Business School (MBA)
Children:2
Module:
Child:yes
P:Liú Qiángdōng
Tp:Liu QiangDong
Bpmf:ㄌㄧㄡˊㄑㄧㄤˊㄉㄨㄥ

Liu Qiangdong (Richard) (; 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

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

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. 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. 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.

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. 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]

On August 31, 2018, Liu was arrested in Minneapolis, Minnesota, with the charge of rape.[29] [30] [31] [32] [33] [34] [35] The local police found "no substance to the claim against Mr. Liu".[36] [37] [38] [39] [40] [41] [42] 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.[43] [44] Liu's attorneys denied any wrongdoing and claimed that the charges are not supported by evidence.[45]

On April 16, 2019, a student at the University of Minnesota, formally filed a civil lawsuit against Liu Qiangdong, claiming he sexually assaulted her.[46] [47] [48] In 2022, a settlement was reached, and the situation was handled outside of court.[49] [50]

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.[51] Sandy Ran Xu became CEO of JD.com in May 2023.[52]

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.[53] [54]

Philanthropy

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

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.[55] [56] That same month, Liu donated over 160,000 pieces of medical supplies to Uzbekistan as well as 800,000 masks to Chile.[57]

In February 2022, Liu pledged to donate his JD.com shares, currently worth $2.3 billion, to charity.[58] [59] 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.[60]

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.[61]

He has sponsored the education of children in Jingle County in Shanxi.[62]

Personal life

In August 2015, Liu Qiangdong married Zhang Zetian.[63] 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.[64] [65] [66]

External links

Notes and References

  1. Web site: SEC. . THE COMPANIES LAW EXEMPTED COMPANY LIMITED BY SHARES SECOND AMENDED AND RESTATED MEMORANDUM OF ASSOCIATION OF JD.COM, INC. . Page 5 shows Liu's Chinese ID number which indicates that his date of birth is 10 March 1973 . SEC.gov . SEC . 2018-09-02.
  2. Book: Yin, Feng. zh: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. Guangdong Travel & Tourism Press. 2014. 9787807669005. zh.
  3. Web site: Liu Qiangdong. All-China Federation of Industry and Commerce. 2018-09-02. zh. https://web.archive.org/web/20180902151739/http://www.acfic.org.cn/ldzc_311/mjshfhz/201711/t20171128_46413.html. 2018-09-02. dead.
  4. Web site: Chinese Billionaire Released by Minnesota Police After Arrest on Alleged Sexual Misconduct. Wall Street Journal. September 2, 2018. Shan Lee. October 29, 2023.
  5. Web site: Liu Qiangdong Case. Vample. August 31, 2018. October 29, 2023.
  6. Book: Zhigang, Li. The JD.com Story. 2016. LID Publishing. 9781910649718.
  7. Web site: 刘强东：电子商务现在正是到了泡沫期. 2011-01-17. 网易财经. zh.
  8. Web site: Top eCommerce stores in Greater China. ECDB. October 29, 2023.
  9. Web site: Forbes profile: Liu Qiangdong . Forbes. 4 February 2021.
  10. News: Flannery. Russell. China Billionaire's 24-Year-Old Wife Boosts JD.com's Fashion Growth. Forbes.
  11. Web site: Richard Liu. Bloomberg. October 29, 2023.
  12. Web site: 刘强东为家乡老人发650万春节红包. 2015-02-17. 责任编辑：jimmonzang. 腾讯网. zh-hans.
  13. Web site: Richard Liu or Liu Qiangdng - Founder and CEO of JD.com. en.jd.com. 2017-11-03. https://web.archive.org/web/20160316130442/http://en.jd.com/help/question-8.html. 2016-03-16.
  14. Lessons from an Early Failure (Archived Article on FT.com)
  15. Web site: 刘强东讲述3个血泪段子：一夜竟然愁白了头. 2014-04-23. 网易教育. zh.
  16. Web site: How JD.com's Richard Liu turned early disaster into future success . Griffiths . James . 2014-11-14 . Scmp.com . South China Morning Post.
  17. Web site: 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. Web site: Anderlini. Jamil. Liu Qiangdong, the 'Jeff Bezos of China', on making billions with JD.com. Financial Times.
  20. Web site: Chan. Tara Francis. 'China's Jeff Bezos' is now running a village and vows e-commerce will eliminate poverty. Business Insider.
  21. Web site: China's JD.com IPO raises $1.78 billion, augurs well for Alibaba. August 18, 2019. Reuters.
  22. Web site: Bloomberg Billionaires Index. Bloomberg. February 5, 2024.
  23. Web site: Pimentel. Benjamin. 2014-05-22. JD.com shares rally 15% in IPO. 2015-08-11. MarketWatch.
  24. News: Here's The Latest Sign That China's E-Commerce Market Is White Hot. en. Business Insider.
  25. News: Schiefelbein. Luke. 25 July 2018. Is JD.com The Future Of Chinese E-Commerce?. en. Forbes. 22 April 2019.
  26. Web site: Homecoming: E-commerce giant JD.com secretly files for Hong Kong second listing. 2020-04-30. independent. en.
  27. Web site: Top eCommerce stores in Greater China. ECDB. February 5, 2024.
  28. Web site: List of 29 Largest eCommerce Companies in the World. Markin. October 20, 2023. Marius Kiniulis. February 5, 2024.
  29. News: JD.com Founder Liu Had Been Arrested on Suspicion of Rape . Hufford . Austen . 2018-09-04 . Wall Street Journal . 2018-09-05 . Lin . Liza . en-US . 0099-9660.
  30. Web site: Hennepin County > Sheriff's Jail Roster. www4.co.hennepin.mn.us. 2018-09-07.
  31. News: Arrest of JD.com CEO Came After Night of Wine and Japanese Food in Minneapolis. Zhang. Chunying. 2018-09-06. Wall Street Journal. 2018-09-07. Hufford. Austen. en-US. 0099-9660. Li. Shan.
  32. News: The night a Chinese billionaire was accused of rape in Minnesota. Qing. Koh Gui. 2018-09-24. Reuters. 2018-09-25. en-US.
  33. News: The night a Chinese billionaire was accused of rape in Minnesota. Qing. Koh Gui. U.S.. 2018-10-13. en-US.
  34. News: 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 . Chinese.
  35. News: Li . Shan . Lin . Liza . Chinese Billionaire Released by Minnesota Police After Arrest on Alleged Sexual Misconduct . Wall Street Journal . 2 September 2018.
  36. News: Chinese Billionaire Arrested in Minnesota in Sexual Misconduct Case. Raymond. Zhong. Yuan. Li. The New York Times. August 2, 2018. August 2, 2018.
  37. News: Chinese billionaire under investigation over sexual assault allegations in Minneapolis. Emily Rauhala. 2018-09-02. Washington Post. en. 2018-09-07.
  38. JD.com CEO Arrested in U.S. For Alleged Sexual Misconduct. https://web.archive.org/web/20180903064339/http://time.com/5385284/chinese-billionaire-richard-liu-qiangdong-arrested/. dead. September 3, 2018. Time. en. 2018-09-07.
  39. Web site: https://m.weibo.cn/detail/4279819979973279 . zh:微博正文 - 微博HTML5版. m.weibo.cn. zh-cn. 2018-09-07.
  40. News: JD.com CEO released after U.S. arrest; firm says he was falsely accused. Reuters. September 2, 2018. September 2, 2018. Cate. Cadell. Kane. Wu.
  41. Web site: JD.com Chief Richard Liu Will Not Be Charged With Sexual Assault. The New York Times. December 21, 2018. December 21, 2018.
  42. Web site: JD.com chief Liu Qiangdong will not face rape charges. BBC. December 21, 2018. December 21, 2018.
  43. News: JD.com faces US share-price slide lawsuits in wake of Richard Liu's arrest . Chen . Celia . 2018-09-05 . South China Morning Post . 2018-09-07 . Delaney . Robert . en.
  44. News: Amid Rape Allegations, US Law Firms Plan Suit Against JD.com . Zhecheng . Qian . 2018-09-05 . Sixth Tone . 2018-09-07 . en.
  45. News: Rape allegations against JD founder at odds with evidence: Lawyer . https://web.archive.org/web/20181001142003/http://www.asiaone.com/china/rape-allegations-against-jd-founder-odds-evidence-lawyer . dead . October 1, 2018 . AsiaOne . 2018-10-11.
  46. Web site: College student sues JD.com CEO Richard Liu over alleged rape. CNN. CNN Business. April 17, 2019. January 1, 2020.
  47. Web site: She Accused a Tech Billionaire of Rape. The Chinese Internet Turned Against Her. - The New York Times. Yuan. Li. 2019-12-13. The New York Times. live. https://web.archive.org/web/20191215164144/https://www.nytimes.com/2019/12/13/business/liu-jingyao-interview-richard-liu.html?algo=top_conversion&fellback=true&imp_id=0&imp_id=164331470&action=click&module=editorsPicks&pgtype=Article&region=Footer. 2019-12-15. 2019-12-16.
  48. Web site: Judge rejects motion to remove Chinese billionaire's corporation as defendant in sexual assault lawsuit. Star Tribune. 2020-05-18.
  49. Web site: Liu Jingyao and Liu Qiangdong: Chinese billionaire sexual assault case settled in US. BBC. October 2, 2022. Tessa Wong. October 29, 2023.
  50. Web site: High-profile China #MeToo case settled in US out of court. The Guardian. October 3, 2022. Helen Davidson. October 29, 2023.
  51. Web site: Michelle Toh . JD.com's billionaire founder is stepping down as CEO . 2022-04-15 . CNN.
  52. Web site: JD.com names new CEO and executive director as Xu Lei transitions on. Marketing Interactive. May 12, 2023. February 5, 2024.
  53. Web site: 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. June 27, 2024.
  54. Web site: 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. April 17, 2024. CoCo Feng. June 27, 2024.
  55. Web site: Billionaires Stepping Up to Fight Covid-19. In NewsWeekly. 20 April 2020 . en-US. 2020-05-16.
  56. Web site: 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. November 17, 2023.
  57. Web site: 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. November 17, 2023.
  58. Web site: China’s JD.com CEO Richard Liu To Donate More Than $2 Billion Of Shares To Charity. Forbes. February 2, 2022. Russell Flannery. November 17, 2023.
  59. Web site: China’s JD.com CEO joins billionaire charity rush with $2.3 billion share pledge. CNN. February 3, 2022. November 17, 2023.
  60. Web site: Salary cuts for senior managers: Is JD.com founder Richard Liu championing ‘common prosperity’?. Think China. November 29, 2022. Han Yong Hong. November 17, 2023.
  61. Web site: 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. June 27, 2024.
  62. Web site: 你是密切接触者吗？密切接触者测量仪上线了. Baijiahao. February 8, 2020. February 5, 2024.
  63. Web site: 2014-03-11. JD.com CEO dating girl 19 years younger - Entertainment News. 2015-08-11. SINA English.
  64. Web site: zh:揭秘哥伦比亚大学 奶茶妹妹念的不是真正的哥大. http://news.163.com/14/0415/12/9PSETQHF00014JB6.html?from=tag. 2015-08-11. news.163.com.
  65. Web site: Chinese internet tycoon Liu Qiangdong ties knot with Sister Milk Tea. 10 August 2015 .
  66. Web site: JD.com Billiionare Richard Liu Qiangdong Marries Milk Tea Meimei Zhang Zetian; Girlfriend Upgraded to Wife.

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