One among the list of the most iconic businessmen in China today is Richard Liu Qiangdong, the Chief Executive Officer and Founder of JD.com.
JD.com is one of China’s top two e-commerce platforms currently estimated to be worth $57.6 billion. Liu (also known as Liu Qiangdong and Richard Liu) is estimated to have a net worth of $11 billion according to the latest Forbes report.
All of this wealth is a result of his successful e-commerce platform. Even with this success, the future looks very promising for Liu and his JD.com. This entrepreneur recently held an interview with the popular weforum.com where he shared his life and business journey.
A Fascinating Childhood
Richard Liu was born is in China on February 14, 1974. This entrepreneur was born into a humble business family. The family had a shop which was its primary source of income and was mostly run by his father. From a young age, Liu was taught the values and virtues of headwork as his family worked hard to earn a living.
He started doing business at the young age of three by helping his father sell watches at the family shop. He continued to help his family in their business through his young adult life. The early introduction of Liu to business has contributed quite greatly to his current success.
In this interview, the billionaire entrepreneur revealed that he left home to join the acclaimed Renmin University to pursue his higher education. At this prestigious Chinese university, he pursued a degree in Sociology.
While he was a student at this university, Richard Liu Qiangdong developed a strong interest in computers and coding. He learned how to code and started doing simple coding work for pay. He used this pay to support himself through his studies.
Richard Liu graduated from this university in 1996 and joined the China Europe International Business School to further his studies. In this international institution, he studied for an EMBA.
A Budding Entrepreneur
After his graduation from the China Europe International Business School, this billionaire entrepreneur stated that he joined Japan Life, a health products company. At this health products company, he worked for two years in different capacities. He was at one time the Director of Computers at the company and another time the Director for Business.
While still working at this company, Richard Liu started his own business. This was in the year 1998, and he opened a magneto-optical products shop in Beijing. This was the onset of his greatness and massive success. The business’ name was “Jingdong.”
A Triumphant Journey to Success
This Liu’s business venture did well, and by the year 2003, he had a total of 12 stores in different areas in Beijing. Unfortunately, in the same year, there was a SARS outbreak that affected the normality of life in Beijing. His employees could not come to work, and neither could his customers come to his store.
This threatened the future of his business, and it was at this moment that Richard Liu Qiangdong decided to take his business online. He successfully did it in 2004, and JD.com was born and by 2005 he had closed down all the physical stores. He also expanded his e-commerce platforms offering to include electronics and consumer goods.
In light of the success of his platform, Richard Lui stated that he started attracting the attention of investors. In 2014, the WeChat owner Tencent spent $215 million to buy a 15% stake at his e-commerce platform. This deal put the platform at an even better success road. Walmart also came in to invest late in the company and has been increasing its stake in JD.com which now stands at 12%.