Richard Liu Qiangdong created a wave of online sales off the backs of one of the scariest viruses to ever hit Beijing: SARS. When all 12 of his magneto-optical parts stores in Beijing were threatened with extinction, Richard took the bull by the horns and started an online store to sell his goods so that his business could stay afloat. That business he named after the last character his and his girlfriend’s name: Jingdong. Later shortened to just JD.com, the website has grown to add all sorts of goods for sale from fashion to car parts, fun electronics, and beyond.
Seeing this enormous growth, WeChat investor TenCent saw the potential growth and approached Liu Qiangdong with a proposal to invest 15% of his company in exchange for $215 million. With this kind of valuation, Jingdong was now worth in excess of one billion dollars: enough to safely list his company on the stock exchange. And so Richard Liu Qiangdong did just that, he listed JD.com under the ticker “JD” on the Nasdaq market with a valuation of around $44 billion after its IPO, and ever since that day his net worth has floated upwards of $11 billion. Walmart, in fact, bought a 12% stake in his company.
But all of this started from Liu Quiangdong’s continued dedication to work and never giving up himself despite what other people valued him at. Perhaps it was his old boss and coworkers’ treatment of him which made him realize that he was worth more; we’ll never know. But one thing that we do know for sure is that business mogul is now one of Business of Fashion’s top 500 most influential people and has invested nearly $400 million into Farfetch.com: the online place to buy luxury goods from 7,000 different sellers. See This Article for additional information.
Source Link: https://www.aacsb.edu/about/advocacy-and-awareness/member-challenges/influential-leaders/recipients/richard-qiangdong-liu
JD.Com is one of the leading retailers in China, distributing all kinds of products to customers globally through online marketing. This company was founded in 1998 by Richard Liu Qiangdong, who is the CEO and the principal of the organization. He has been running the organization with a lot of passion so that it can serve its customers to his expectations.
Richard Liu Qiangdong is one of the billionaires in the Republic of China whose career journey seemed to have taken a different route from what had been designed for it. At first, Richard Liu Qiangdong wanted to become a politician, and so when he joined college, he pursued a degree in sociology and political science. However, like any other youth in the country, getting some employment was not easy for him and so he decided to do something different that would bring him some cash.
In 1996, he started operating a hotel, which he began using some borrowed funds from his family. This business did not succeed as he had anticipated and hence he shut it down shortly after the sixth month of operation. Richard Liu Qiangdong then looked for some employment and wherever he got it, he was never rewarded as he would have expected. This challenged him to seek something different again that would provide him sufficient income that would cater to his needs and those of his fiancé. This was when he decided that he would make good use of some skills that he had learned in college where he had done an additional course in computer engineering. He began JingDong, a company that dealt with the sales of computer accessories and other tech devices.
However, Richard Liu came to learn a very crucial lesson in his career in 2003, when there was an outbreak of SARS. This outbreak limited the movement of both his workers and the customers. This affected the business negatively, and he decided that he would change the operation strategies of the company so that its sales would not be affected by such happenings in the future. He transitioned the business from physical stores to an online store, which serves customers globally, and named it JD.Com. Go To This Page to learn more.
More about Quiangdong on https://www.chinamoneynetwork.com/2018/10/18/jd-com-opens-up-its-logistics-network-to-users