There is one man who is competing fiercely against Jack Ma of Alibaba in China, and that man is Richard Liu Qiangdong. Growing up poor in rural China, Richard’s parents were in a struggling business which couldn’t provide enough money to pay for his elderly grandmother. So, Richard packed up and moved to the city, to Beijing, to get an education and provide for his family where they couldn’t provide for him.
He established a restaurant business while in college, but it failed because he didn’t have enough time to devote to it while taking classes at school. So, he continued his education in sociology at Renmin University, and went on to get his MBA from the China Europe International Business School. Richard Liu later landed a managerial job at Japan Life, but it was never enough for him. Seeing his family struggle put a fire in him that most people would never understand. View Related Info Here.
So, he started selling computer parts around Beijing and was having great success until the SARS epidemic hit and was forced to make a decision on how to proceed. Liu chose to compare the profits of selling in person to online for a year and see how that did, and as it so happens the online sales were an absolute success.
From this experience Richard then learned that he could add new products to his website and gain even more customers that way. Growing largely from word of mouth, JD.com eventually spread like wildfire within WeChat and their owners, parent company TenCent and one of the richest companies on the planet, took notice and offered Richard Liu 15% of his business in exchange for $215 million cash.
Richard accepted and two short months later, with a valuation over one billion dollars, JD.com’s IPO onto the NASDAQ created an overnight influx of around 40 billion dollars. Now Richard is looking to expand his company to the world and increase Chinese delivery speeds, for “… whoever controls the Chinese market will control the world market, I feel.”
More about Liu on https://www.jonesday.com/rliu/