- Oct 28, 2020
- Executive Spotlights
JD CEO Richard Liu’s Perseverance With Integrity Earns JD’s Market Recognition
by Martin Li
A recent report by Chinese publication Securities Daily (证券日报) has attributed the capital market’s increasing recognition of JD to the “unconventional perseverance” of the company’s founder and CEO Richard Liu.
The increasing market recognition is reflected by several achievements by JD this year, including the company’s successful secondary listing in Hong Kong with an aim to raise more than HK$30 billion, and the ongoing IPO application procedures of JD Digits in Shanghai and JD Health in Hong Kong as well
Liu’s consistent perseverance in integrity is one of the fundamental driving forces which brought JD where it is now – a company with market value of over US$ 100 billion.
Liu insisted on selling products at a fair and reasonable price seventeen years ago when JD was still a tiny company composed of several counters in an electronics market in Zhongguancun, Beijing.
Liu made prices transparent, sought to sell quantity rather than high prices, and stuck to providing good service. Plus, no tax evasion or counterfeits were found at his company. His method prevailed in a market where merchants would typically overcharge for products like computers by cheating customers.
Such perseverance in integrity gradually earned JD a good reputation and increasing patrons.
Some employees recalled that Liu’s commitment to integrity was unstoppable. He offered to provide invoices to customers even when they didn’t ask for them.
It is reported that someone persuaded Liu to reduce the company’s valuation between 2008 and 2009 in order to give himself more shares and kick out some investors. However, Liu refused to do that because investors used to help the company. On the contrary, Liu let investors earn more after the company was listed on the Nasdaq.