JD.com’s Transformation: Richard Liu’s Bold Strategy for Survival and Growth

On the evening of April 16, 2024, a ghost appeared in the machine. Richard Liu, the founder of Chinese e-commerce titan JD.com, a man who had all but vanished from public life for nearly five years, was live-streaming to millions. But it wasn’t really him. It was “采销东哥” (Cai Xiao Dong Ge, or “Procurement & Sales Brother Dong”), a hyper-realistic AI-powered digital avatar. The avatar spoke with Liu’s trademark accent from his native Suqian, gestured with his familiar hand movements, and even paused thoughtfully before answering questions.¹ Within an hour, this digital apparition had drawn over 20 million viewers and driven more than 50 million RMB (about $7 million) in transactions for JD.com.³ The event was a dazzling display of technological prowess and a masterclass in modern marketing.

This surreal broadcast serves as a powerful, paradoxical symbol of Richard Liu’s comeback. For an American audience accustomed to the carefully managed public images of tech CEOs, Liu’s story is a whirlwind of contradictions. He is a self-made billionaire who cultivated an image as a man of the people, a visionary who built a logistics empire to rival Amazon’s, and a leader whose personal scandal nearly sank his $45 billion company overnight. After years of silence, he has returned with a vengeance, not just as a digital ghost, but as a flesh-and-blood founder determined to drag his company back into a brutal war for survival.

Is this the calculated second act of a brilliant, wounded founder fighting to reclaim his empire? Or is it a high-tech smokescreen, a way for Liu to be omnipresent without being physically present, forever haunted by the ghosts of a scandal that was settled but never truly resolved? To understand the avatar, one must first understand the man, the empire he forged from dust, the scandal that sent him into exile, and the brutal battlefield he has returned to conquer.

Part I: The Barefoot Capitalist: Forging an Empire from Humility and Hubris

Before the scandal, before the exile, there was the myth. For years, the story of Richard Liu was the story of JD.com, a foundational narrative so powerful it became one of the company’s most valuable assets. It was a classic “rags-to-riches” tale that resonated deeply in a China undergoing seismic economic change, and it’s essential for understanding the man he was—and the man he is trying to be again.

The Origin Myth

Liu Qiangdong (his Chinese name) was born in 1973 in a poor village in Suqian, a rural part of Jiangsu province.⁴ His family was far from the centers of power and wealth, operating a small transport boat along the region’s ancient canals.⁵ His childhood dream, he often recounted, was not to build a tech empire, but to one day own a fleet of ships like his father’s.⁵ This narrative of humble beginnings became a cornerstone of his public persona. He claimed his motivation to become an entrepreneur wasn’t grand ambition but raw necessity: his family was poor, and his grandmother’s mounting medical bills needed to be paid.⁷

His journey to the elite Renmin University of China in Beijing was a monumental leap.⁴ But his first taste of business was a bitter one. A restaurant he opened during his senior year failed spectacularly, leaving him with a debt of over 200,000 RMB.⁴ Undeterred, in 1998, he took what little money he had left and rented a 4-square-meter stall in Zhongguancun, Beijing’s sprawling, chaotic electronics market—the city’s equivalent of Silicon Valley’s garage-startup scene. He named his tiny venture “Jingdong Multimedia”.⁴ The early years were a testament to a relentless, almost punishing, work ethic. He later recalled living for six years in a drafty, makeshift worker’s shed and another four years sleeping on the floor of his own office.⁶ To ensure 24/7 customer service, a concept unheard of at the time, he kept an old alarm clock by his side, setting it to ring every two hours so he could personally answer any late-night calls from customers.⁶

The turning point came in 2003, during a moment of national crisis. The SARS epidemic emptied Beijing’s streets, shuttering businesses across the city. For Liu, whose business relied on his 12 brick-and-mortar stores, it was a potential death blow. Out of sheer desperation, his employees suggested trying to sell their inventory—mostly optical drives and discs—on internet forums.⁵ The experiment worked. In 2004, Liu made a decision that would define his career. At a time when over 90% of his profits still came from his physical stores, and competitors like Gome and Suning were rapidly expanding their retail footprints, Liu held a meeting that lasted until 3 a.m. and convinced his team to go all-in on e-commerce, shutting down their profitable offline business to bet everything on an uncertain digital future.⁵

Building the “Amazon of China”

What Liu built next was fundamentally different from his main rival, Alibaba. While Alibaba created a sprawling digital marketplace (Taobao and Tmall) where third-party sellers connected with buyers, Liu emulated Amazon’s model. He pursued a “heavy-asset,” vertically integrated strategy focused on two core principles: authenticity and logistics.¹¹ In a market notorious for counterfeit goods, JD.com built its brand on selling 100% authentic products, directly purchasing inventory and controlling the entire sales process.

His most audacious move came in 2007, when he decided, against the advice of almost everyone, to build his own logistics and delivery network.¹¹ This was an incredibly capital-intensive gamble that led to years of heavy losses.¹² But it gave birth to JD Logistics and its legendary “211限时达” (211 Limited-Time Delivery) service: place an order before 11 a.m., and it arrives the same day; place it before 11 p.m., and it arrives the next morning.¹¹ This unprecedented speed and reliability set a new standard for service in Chinese e-commerce and became JD’s defining competitive advantage.

This carefully constructed persona—the hardworking country boy, the honest merchant, the visionary who slept on the floor—was not just biography; it was a strategic weapon. It engendered immense trust with consumers wary of online scams and with investors who saw a founder willing to sacrifice everything for his vision. This myth of the tough, relentless, and principled leader was JD.com’s soul. The events of August 2018 in Minneapolis didn’t just tarnish the man; they threatened to shatter the very foundation of his empire.

Part II: The Minneapolis Misunderstanding: A Scandal’s Anatomy

In August 2018, Richard Liu was at the zenith of his power and prestige. JD.com was a NASDAQ-listed behemoth, and Liu was a celebrated figure in China’s tech scene, a member of the country’s top political advisory body.⁴ He was in Minneapolis enrolled in a prestigious Doctor of Business Administration program at the University of Minnesota, a program designed for high-flying Chinese executives.⁴ It was here that his world came crashing down.

The Incident and the Implosion

On the night of August 30, 2018, Liu attended a dinner at a Japanese restaurant with a group of business associates. Also in attendance was Liu Jingyao, a Chinese student at the university. What happened over the next few hours became the subject of a bitter, high-stakes legal battle. Liu Jingyao’s legal team would later allege that she was pressured to drink heavily during the dinner, which she described as a “trap”.⁴ Afterward, conflicting narratives emerged about the car ride and the events at her apartment. Her side maintained that he forced himself upon her against her will.¹³ His lawyers insisted the encounter was entirely consensual.¹⁵

A friend of Liu Jingyao’s called the police.¹³ On August 31, Richard Liu was arrested by Minneapolis police on suspicion of “first-degree sexual assault,” a felony charge.⁴ A mugshot of him in an orange jumpsuit instantly went viral, a humiliating image for one of China’s most powerful men. He was released the following day without bail and quickly returned to China.⁴

The fallout was immediate and catastrophic. The scandal exposed the immense “key-person risk” embedded in JD.com’s corporate structure.¹² At the time, Liu held only about 16% of the company’s shares, but through a dual-class share structure, he commanded nearly 80% of the voting rights.¹⁶ He

was JD.com, and the market reacted accordingly. On September 4, the first day of trading after the news broke, JD.com’s stock plunged almost 6%, wiping out $2.7 billion in market value.¹⁷ The next day, it fell another 10.6%.¹⁸ Within two days, the total loss had ballooned to $6.38 billion.¹⁷ By the end of the year, the stock had cratered, falling over 60% from its peak earlier in the year.¹⁹ The scandal had single-handedly pushed the company into a crisis.

The Public Relations War

What followed was a brutal and messy public relations war, played out across Chinese social media, that offers a fascinating window into the country’s modern media landscape. Almost immediately, a narrative began to form that Liu was the victim of a “仙人跳” (xiān rén tiào), a colloquial term for a “honey trap” or extortion scheme.²⁰ This theory was fueled by a newly created account on the social media platform Weibo called “明州事记” (Minnesota Story). The account began leaking selectively edited clips of surveillance footage. One video showed Liu Jingyao appearing to hold the door for Liu and inviting him into her apartment building; another showed her linking arms with him in an elevator.²⁰

These clips were devastatingly effective, shaping public opinion in China in Liu’s favor. Liu Jingyao’s supporters and lawyers fought back, arguing the videos were maliciously edited and taken out of context. They claimed her actions were not born of consent but of fear, given Liu’s power and status.²⁰ The digital sphere became a battleground of competing realities, with some Chinese media outlets accused of publishing “custom-made” reports that omitted key details present in their English-language counterparts, seemingly to bolster the “honey trap” narrative for a domestic audience.²⁰

The Strategic Resolution

In December 2018, Liu scored a major victory when the Hennepin County Attorney’s Office announced it would not file criminal charges, citing “profound evidentiary problems” that made a conviction unlikely.⁴ But the ordeal was far from over. In April 2019, Liu Jingyao filed a civil lawsuit against both Liu and JD.com, seeking damages of at least $50,000.⁴

The civil case dragged on for over three years. Then, on October 1, 2022, just two days before the jury trial was scheduled to begin, the two sides announced a surprise out-of-court settlement.¹⁵ The terms were not disclosed. The joint statement they released was a masterpiece of strategic ambiguity. It stated that the incident was a “misunderstanding” (误会) that had caused “deep suffering” for their families, and that they had agreed to “set aside their differences” to avoid further legal pain.¹⁵

The settlement was a brilliant move for Liu. It allowed him to avoid a public trial that would have re-aired all the sordid details and risked a damaging verdict. The deliberately neutral language of “misunderstanding” created a narrative vacuum, allowing him to move on without admitting guilt. His subsequent public apology was surgically precise: it was directed exclusively at his wife, Zhang Zetian, and his family, for the “tremendous harm” his actions had caused them.¹⁵ He expressed remorse for a private marital failing, not for a public crime or tort.

This resolution, however, left a permanent, un-erasable asterisk next to his name. The ambiguity that served him so well legally also means the scandal’s shadow will likely follow him forever. It explains his near-total disappearance from public life for the next few years and illuminates the strategic necessity of a digital avatar. He cannot fully step back into the spotlight without re-igniting the very questions the settlement was designed to bury. His comeback is, and will continue to be, a precarious tightrope walk.

Part III: The Kingdom in His Absence: A Tale of Two Strategies

With the legal battle settled, Richard Liu retreated into the shadows. He resigned from his political post ⁴ and stepped back from the day-to-day management of JD.com, a company that had been synonymous with his name for two decades. This began a nearly five-year interregnum, a period where JD.com experimented with a future without its domineering founder at the helm.

The Rise of Xu Lei

The man who stepped into the void was Xu Lei. A marketing veteran who had joined JD in 2007, Xu was the architect of the company’s wildly successful “618” mid-year shopping festival, China’s equivalent of Black Friday.²⁶ In a move that now seems remarkably prescient, JD had established a rotating CEO system for its core retail division in July 2018, just before the scandal broke, with Xu Lei taking the first turn.¹² Over the next few years, his ascent was steady. He was promoted to CEO of JD Retail, then President of the entire group in 2021, and finally, in April 2022, he officially succeeded Liu as CEO of JD.com.²⁸ Liu, the company announced, would shift his focus to “long-term strategy,” “talent cultivation,” and “rural revitalization”.³⁰ For all practical purposes, Xu Lei was now in charge.

Under Xu’s leadership, JD pursued a strategy of “quality e-commerce”.³¹ The approach was to double down on JD’s traditional strengths—its superior logistics, reliable service, and reputation for authentic goods—to attract and retain China’s growing cohort of affluent, middle-class consumers. This was a period of stabilization and steady, if not explosive, growth. During his tenure, JD’s annual revenue grew consistently, and its active user base swelled from around 300 million to nearly 570 million.²⁹

The Cracks Appear

But by 2022, the strategy began to show its limits. JD’s revenue growth, once robust, started to slow dramatically, dropping from 18% in the first quarter of 2022 to just 7.1% by the fourth quarter.³² The “quality” focus was running headfirst into a powerful new economic reality in China: a trend toward “consumption downgrade” (消费降级), where consumers, facing economic uncertainty, were becoming intensely price-sensitive.

Meanwhile, JD was being attacked on all fronts by rivals old and new. The most significant threat came from Pinduoduo (PDD), a relative newcomer that had grown at a breathtaking pace. PDD’s weapon of choice was its “百亿补贴” (Hundred Billion Subsidy) program, which offered deep discounts on everything from fruit to iPhones, winning over tens of millions of price-conscious users and even encroaching on JD’s core electronics category.³³ At the same time, a new paradigm was emerging: content-driven e-commerce. Platforms like Douyin (the Chinese version of TikTok) were transforming how people shop, with users making impulse purchases directly through short videos and live streams, completely bypassing traditional search-based platforms like JD.³⁵ JD’s own forays into these new arenas were faltering; its attempt to capture the lower-tier market with an app called Jingxi ended as a costly failure and was eventually shut down.³²

The period of Liu’s absence was more than just a holding pattern; it was a live, multi-year experiment with an alternative vision for JD.com. Xu Lei’s “quality” strategy was a logical and defensible bet on the company’s existing strengths. However, the company’s very DNA, imprinted by its founder, was rooted in a more aggressive, price-focused ideology. The rise of Pinduoduo and the dramatic shift in Chinese consumer behavior didn’t just create a competitive threat; it triggered a fundamental ideological crisis within JD.com. The two strategies—premium service versus ultimate low price—were on a collision course.

Liu’s return was not simply a matter of him wanting his job back. It was the explosive result of this strategic collision reaching its breaking point. From his vantage point, the “quality” path was leading his company toward stagnation and irrelevance. In a recent internal meeting, he delivered a damning verdict on the period of his absence, calling it the “lost five years” for JD, a time of “no innovation, no progress”.³⁷ His comeback represented the forceful, and perhaps necessary, reassertion of the company’s original, more brutal, and riskier ideology.

Part IV: The Founder’s Fury: Price Wars and Purges

Starting in late 2022, Richard Liu began to emerge from his self-imposed exile, and he was furious. In a series of high-level internal meetings, he unleashed a torrent of criticism, blasting his top executives for becoming complacent and bureaucratic. He famously railed against a culture of “fancy PPTs,” calling managers who relied on slick presentations and buzzwords to obscure poor results “liars”.³² Most damningly, he accused them of losing the single most important weapon in JD’s arsenal: low prices.³⁸ The quiet interregnum was over. The founder was back, and he was declaring war.

The “Hundred Billion Subsidy” Gambit

The first shot was fired in March 2023. JD.com officially launched its own “Hundred Billion Subsidy” channel, a direct and undisguised copy of Pinduoduo’s signature strategy.³⁸ This was a formal declaration of war on PDD and a signal to the entire market that JD was returning to its roots. Liu declared that low price was not just a tactic, but “the only foundational weapon” for JD’s future.³¹ To fund this war, the budget was reportedly unlimited.³⁹

This move, however, presented an immense challenge. While JD could leverage its scale to offer competitive prices on its strongest categories, like Apple products, its fundamental business model made an all-out price war incredibly difficult.⁴⁰ JD’s heavy-asset, self-operated model, with its massive investment in warehouses and a delivery workforce of hundreds of thousands, carries enormous fixed costs. This stands in stark contrast to Pinduoduo’s asset-light platform model, which connects sellers to buyers with far lower overhead. Competing with PDD on price across all categories would put excruciating pressure on JD’s already thin profit margins, a fact that made investors nervous.⁴¹

The Management Shake-up and the Wartime Consigliere

The strategic shift was swiftly followed by a change at the top. In May 2023, just over a year after taking the CEO role, Xu Lei announced he was “retiring” for personal reasons.³² He was replaced by Xu Ran, who had been the company’s Chief Financial Officer since 2020.²⁷

The replacement of a marketing-focused CEO with a finance-focused one was a classic signal of a company shifting to a war footing. A price war is, above all, a battle of financial endurance. The new CEO’s primary task was not to dream up new branding campaigns but to find the money to fund the war, to ruthlessly cut costs, and to ensure the company’s financial discipline while it bled money on subsidies. In effect, Liu had retaken his position as the de facto chief strategist and product visionary. He installed a trusted lieutenant whose core expertise was managing the financial consequences of his aggressive, high-risk strategy. The move solidified his absolute control and signaled to everyone that the era of comfortable, steady growth was over.

The data shows just how urgent the situation had become. The competitive landscape in Chinese e-commerce had been completely reshaped, leaving JD in a precarious position.

Metric	JD.com	Alibaba Group	Pinduoduo (PDD)
Revenue (Latest FY)	1.085 trillion RMB (FY2023)	941.2 billion RMB (FY2024)	306 billion RMB (Adj. Net Profit, Q1 2024)
Net Profit (Latest FY)	8.9 billion RMB (Adj. Net Profit, Q1 2024)	24.4 billion RMB (Adj. Net Profit, Q1 2024)	30.6 billion RMB (Adj. Net Profit, Q1 2024)
GMV (Gross Merchandise Volume)	~3.46 trillion RMB (Est. 2022)	~8.32 trillion RMB (FY2022)	~2.44 trillion RMB (2021)
Annual Active Users	570 million (2021)	>900 million (Est.)	~870 million (Est.)
Employee Count	~517,000 (2023)	~205,000 (2024)	~13,000 (2022)
Revenue per Employee	~2.1 million RMB	~4.6 million RMB	~14.6 million RMB

Source: Compiled from data in.³⁴ Note: Figures are from different reporting periods and may include estimates, but illustrate the general competitive dynamic.

The numbers tell a stark story. While JD boasts the highest revenue, its profitability is dwarfed by its rivals. Most shockingly, Pinduoduo, with a tiny fraction of the employees, demonstrates a staggering level of efficiency, generating roughly seven times more revenue per employee than JD.⁴² This data makes the competitive threat visceral and explains the founder’s fury. JD was becoming a bloated, inefficient giant in a world increasingly dominated by lean, aggressive, and fast-moving predators.

Conclusion: An Empire’s Second Act?

Richard Liu’s return to the arena is a story rich with contradiction. He is a man who must project technological futurism—embodied by his AI avatar tirelessly selling goods 24/7 ¹—while his core strategy is a return to the old-school, brutal basics of a price war.⁴⁴ He is simultaneously looking forward and backward, a digital ghost steering a very physical machine.

His comeback leaves the business world with a set of profound, unresolved questions. Can JD.com’s high-cost, service-oriented empire truly win a protracted low-price war against leaner, more agile rivals? The company’s very structure seems at odds with its founder’s declared strategy. Is it possible to be both Costco and Walmart, Amazon Prime and a dollar store, all at once?

And what of the man himself? Can Richard Liu successfully resurrect his founder’s myth, the story of the honest, hardworking country boy who built an empire on trust? Or will the shadow of the “Minneapolis misunderstanding,” with its lingering ambiguity and unresolved narrative, forever define his legacy? In the new era of Chinese tech—an era shaped by intense domestic competition, slowing economic growth, and the watchful eye of government regulators who have cracked down on monopolistic practices ⁴⁵—the biggest question of all is whether a single, powerful, and controversial founder can still bend a massive public company to his will and lead it to a triumphant second act.

The final image is that of the avatar, “Brother Dong.” It is a perfect metaphor for Liu’s ambition: relentless, scalable, and now encoded into the very infrastructure of the company he is fighting to save. Whether this digital ghost can exorcise the demons of the past and conquer the challenges of the future remains the most compelling story in Chinese business today.

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