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JD.com

JD.com, Inc. is a multinational and technology company founded in 2004 by Richard Qiangdong Liu and headquartered in . Positioned as a leading supply chain-based technology and service provider, it primarily operates in online retail, , healthcare, and digital services, serving as one of China's largest retailers by revenue with a focus on authentic products, fast delivery, and integrated solutions. The company ranks 44th on the 2025 list, reflecting its annual revenues exceeding 1 trillion RMB and its status as a member of the index since 2015, following its 2014 , which marked it as the first major Chinese firm to list on the (NASDAQ: JD). It completed a secondary listing on the in 2020 (SEHK: 9618) and employs over 570,000 people while serving more than 700 million annual active customers as of October 2025, primarily through its mobile app and website platforms. JD.com's core businesses include JD Retail, which handles direct sales of , general merchandise, and third-party marketplace transactions; JD Logistics, a self-built network enabling same-day and next-day deliveries across ; JD Health, providing online medical consultations, pharmaceuticals, and health management; and JD Technology, offering , , and AI-driven solutions. The company has invested heavily in technology R&D, exceeding 145 billion by 2017, and continues to expand into areas like , international , and omnichannel to sustain growth amid competitive pressures. In 2025, JD.com reported robust second-quarter revenue growth of 22.4% year-over-year, driven by increased user traffic and new service launches.

History

Founding and early years

JD.com was founded in June 1998 by Richard Qiangdong Liu in as an offline retailer specializing in magneto-optical products, initially operating under the name Jingdong. The company began as a small physical store amid China's emerging market, reflecting Liu's entrepreneurial background after graduating from Renmin University. This offline model focused on direct sales to ensure product authenticity, a principle that would later define the company's approach. The severe acute respiratory syndrome () outbreak in 2003 severely impacted physical retail operations, prompting Liu to pivot toward for business continuity. In 2004, JD.com launched its online platform, JD Multimedia (later rebranded as 360buy), transitioning from brick-and-mortar sales to a B2C model centered on . This shift allowed the company to reach a broader customer base while maintaining control over inventory to guarantee genuine products and competitive pricing. By emphasizing fast delivery and customer trust, JD.com differentiated itself from competitors reliant on third-party sellers. Between 2007 and , JD.com expanded its product categories beyond core into broader consumer goods, including general merchandise such as apparel and home appliances, to capitalize on growing demand. The company secured its first major funding round in 2007, raising over $10 million from Capital Today, which supported initial scaling efforts. It also began developing an initial logistics network, including regional distribution centers, while experimenting with hybrid models that incorporated select physical stores in key cities to complement online sales. The global of 2008 posed significant challenges, with reduced threatening growth; in response, JD.com implemented cost-cutting measures, such as streamlining operations and prioritizing efficiency to sustain . A key innovation during this period was the adoption of a direct sales model, which reinforced product authenticity through first-party sourcing and enabled promises of rapid . In 2009, amid ongoing economic pressures, the company raised an additional $21 million in funding from investors like Capital Today, using the capital to establish self-operated warehouses and fulfillment centers, marking the start of its proprietary logistics infrastructure. This focus on in-house control allowed JD.com to achieve same-day or next-day in major cities, setting it apart in the competitive landscape and laying the foundation for future scalability.

Initial public offering and growth phase

JD.com went public on the NASDAQ stock exchange on May 22, 2014, under the ticker symbol "JD," raising $1.78 billion by selling 93.7 million American Depositary Shares at $19 each. This IPO marked the largest listing by a Chinese company on NASDAQ at the time and positioned JD.com as a key player in the global e-commerce landscape, preceding Alibaba's even larger debut later that year. The capital influx enabled significant scaling of operations, including enhancements to its supply chain and technology infrastructure, building on its established direct-sales model. Following the IPO, JD.com accelerated its growth through strategic expansions and partnerships. Although its for third-party sellers had launched in 2010, post-IPO efforts focused on deepening this 's integration and scale, with notable vendor service expansions in 2013 that continued to gain momentum. In 2015, the company introduced JD Worldwide, a cross-border connecting international brands with Chinese consumers, facilitating imports from markets like , , and the . Key alliances included a March 2014 partnership with , which invested in JD.com and integrated its services into , enabling seamless mobile shopping and payments for Tencent's vast user base. Additionally, in June 2016, acquired an initial stake in JD.com, later increasing it to approximately 10% by , fostering collaborations in and . These initiatives propelled JD.com's revenue growth, leading it to surpass traditional retailers and become China's largest by revenue in 2016, with annual net revenues reaching RMB 260.2 billion (about $37.5 billion), a 44% increase from the prior year. The company's rapid ascent was recognized when it debuted on the Fortune Global 500 list in 2016 at rank 366, the first internet firm to achieve this milestone based on fiscal 2015 revenues. Amid this expansion, JD.com began preparing key subsidiaries: in 2017, it restructured its logistics operations into a standalone entity, JD Logistics, laying the groundwork for future independence and third-party services. That same year, JD Health was established to consolidate and advance its healthcare and services, marking early diversification beyond core .

Recent developments and expansions

During the , JD.com experienced a significant surge in online sales, with net revenues growing 31.4% year-over-year in the fourth quarter of to RMB 224.3 billion, driven by increased consumer demand for amid lockdowns. The company enhanced its logistics capabilities to deliver over 50 million medical supplies across , partnering with government entities to ensure rapid distribution of essential items like and testing kits during and 2021. In 2022, founder Richard Liu stepped down as CEO amid ongoing controversies related to past allegations, transitioning to the role of chairman while Lei Xu assumed the CEO position. This leadership shift continued into 2023 when Xu Lei departed after one year, and Sandy Ran Xu, previously the chief financial officer, was appointed as the new CEO and executive director, marking the first time a held the top role at the company. From 2023 to 2024, JD.com pursued efforts focused on cost efficiency, including salary reductions of 10% to 20% for over 2,000 senior managers starting in 2023 to fund wage increases for frontline workers and support "" initiatives. Concurrently, the company integrated into its operations, deploying AI-driven tools for and that improved efficiency, as showcased at the 2024 Fair for . In 2025, JD.com reported net revenues of RMB 301.1 billion in the first quarter, up 15.8% year-over-year, followed by RMB 356.7 billion in the second quarter, reflecting a 22.4% increase driven by and segments. In the third quarter of 2025, JD.com reported net revenues of RMB 299.1 billion, up 14.9% year-over-year. Key expansions included a voluntary public takeover offer for AG in July at EUR 4.60 per share, which resulted in JD.com and its partner securing majority ownership in November 2025, aiming to bolster its presence in the European consumer electronics market through MediaMarktSaturn. In October, JD.com entered the automotive sales sector via a partnership with and to launch a battery-swappable , exclusively available on its platform during the Double 11 shopping festival. Additionally, its subsidiary Jingdong Industrials filed for a IPO in September, targeting up to $500 million in proceeds to support industrial growth. JD.com ranked 44th on the 2025 list, ascending three positions from the prior year and highlighting a decade of sustained revenue expansion.

Business structure

JD Retail

JD Retail is the core business segment of JD.com, operating the company's primary platform that combines a first-party direct sales model (1P), where JD.com purchases and resells products directly to consumers, with a third-party model (3P), enabling sellers to list and sell on the platform. This hybrid structure allows JD.com to maintain control over inventory and quality in the 1P segment while expanding assortment through 3P sellers, with a primary focus on categories such as , apparel, and groceries. The platform offers a wide selection of authentic products at competitive prices through its website and mobile applications, serving as the foundation for JD.com's B2C operations in . Key features of JD Retail include a strict authenticity guarantee, supported by a zero-tolerance policy for counterfeits, direct sourcing from brands, and an end-to-end that minimizes risks of fakes. Additionally, the segment provides same-day delivery in major cities, leveraging integrated for orders placed before 11 a.m., which enhances customer trust and convenience in urban areas. These elements differentiate JD Retail by emphasizing reliability and speed, particularly for high-value items like and apparel. As .com's largest revenue contributor, JD Retail generated net revenues of RMB 310.1 billion ($43.3 billion) in the second quarter of 2025, marking a 20.6% year-over-year increase and achieving a record of 4.5%. In the third quarter of 2025, JD Retail reported net revenues of RMB 250.6 billion, an 11.4% increase year-over-year. This growth was fueled by investments in services and major sales events, such as the 618 Grand Promotion, where JD.com recorded over 2.2 billion orders in 2025, reflecting strong participation across categories including groceries. The segment's performance underscores its role as the primary driver of JD.com's overall revenue, with similar boosts from the 11.11 shopping festival. JD Retail has introduced innovations such as AI-driven to recommend products based on user behavior and preferences, enhancing the across and apparel categories. sales have also gained prominence, allowing merchants to showcase groceries and items in real-time broadcasts, boosting engagement during events like 618. For luxury expansion, JD.com integrates high-end offerings through dedicated services like white glove delivery, ensuring premium handling for and jewelry without a standalone platform. In the Chinese market, JD Retail holds the position as the second-largest B2C platform after Alibaba, distinguished by its emphasis on control that enables and rapid fulfillment. This vertically integrated approach supports its competitive edge in reliability, particularly for general merchandise and groceries, amid a dynamic landscape.

JD Logistics

JD Logistics, a leading supply chain solutions and logistics services provider, was established as a standalone subsidiary of JD.com in April 2017, evolving from an internal logistics department founded in 2007. The company went public on the Hong Kong Stock Exchange in May 2021 through an initial public offering that raised approximately HK$31.3 billion (US$4 billion), marking one of the largest listings in Hong Kong that year and enabling further investment in its network expansion. As of 2025, JD Logistics operates independently while remaining majority-owned by JD.com, focusing on technology-driven logistics to support e-commerce and beyond. The infrastructure of JD Logistics encompasses a vast network, managing over 3,600 warehouses—including those operated by third parties—with a total storage area exceeding 34 million square meters as of late 2024, a figure that has continued to grow into 2025. This includes advanced automated facilities, such as Asia No. 1 smart industrial parks in over 30 Chinese cities, which integrate and intelligent sorting systems to handle high-volume operations efficiently. Additionally, the company has pioneered initiatives since 2017, deploying unmanned aerial vehicles for last-mile transport in rural and hard-to-reach areas, with models like the JDX-500 capable of carrying up to 15 kilograms over 100 kilometers to enhance delivery speed and . JD Logistics provides comprehensive end-to-end services, including warehousing, transportation, and last-mile delivery, primarily supporting JD Retail's operations while serving third-party clients that account for a growing share of its revenue—up 300% from external business between 2017 and 2019, with continued expansion thereafter. Its international footprint aligns with China's , facilitating cross-border logistics through over 130 bonded, direct mail, and overseas warehouses in regions spanning , , and the , totaling over 1 million square meters as of mid-2025. These services enable rapid fulfillment, with the network capable of delivering to over 95% of JD.com's retail orders in within 24 hours. Innovations at JD Logistics emphasize efficiency and sustainability, including AI-optimized routing algorithms that predict demand, reduce empty miles, and cut emissions by up to 18% per delivery through dynamic path planning. The company has committed to logistics by deploying over 20,000 new energy vehicles, including electric and hydrogen models, across more than 50 cities in by 2021, with ongoing expansions to lower carbon footprints in operations. In 2025, JD Logistics advanced its Southeast Asia presence through new warehouse openings in countries like and , alongside partnerships such as with GSP Automotive Group to integrate for global auto parts supply chains, supporting JD.com's growing automotive sales initiatives.

JD Health and JD Technology

JD Health, a of JD.com, was established in 2017 to provide comprehensive healthcare services through platforms. It offers online medical consultations, pharmaceutical sales, and offline clinic operations, integrating telemedicine with for accessible care. In December 2020, JD Health went public on the (HKEX: 6618), raising approximately $3.5 billion in what was Hong Kong's largest IPO that year, valuing the company at around $28.5 billion post-listing. The platform operates on an integrated model combining online pharmaceutical retail, virtual consultations, and physical clinics to deliver end-to-end healthcare solutions, often referred to as the "1+1+1" framework for its emphasis on these three pillars. By mid-2025, JD Health had achieved significant post-pandemic growth in telemedicine, with annual active users reaching a record 200 million in the first half of the year, driven by expanded online services and partnerships for remote care. This expansion included enhanced telemedicine capabilities, such as 24/7 consultations and electronic prescriptions, particularly in response to ongoing health needs following COVID-19. In 2025, JD Health further broadened its offerings through international collaborations, notably partnering with to facilitate sales of imported drugs like GLP-1 medications for and via its platform, which includes tele-consultations, e-prescriptions, and cold-chain delivery. This initiative supports the importation and distribution of global pharmaceuticals, leveraging JD.com's logistics for efficient health product deliveries. As of the first half of 2025, grew 24.5% year-over-year to RMB 35.3 billion. JD Technology, encompassing JD Digits (formerly JD Finance), focuses on solutions, , insurance, and enterprise services to support across industries. It provides B2B lending through data-driven credit assessments, AI-powered , and products tailored for and sectors. Established as a core unit of JD.com, JD Technology integrates advanced technologies like , , and to enable seamless financial and operational services. In 2021, JD.com consolidated its and businesses into this arm, enhancing its role in powering internal innovations. JD Technology plays a pivotal role in JD.com's ecosystem by driving retail personalization through AI algorithms that analyze consumer data for targeted recommendations and risk management in lending and . Its blockchain initiatives, such as JD Chain, ensure product authenticity by providing tamper-proof traceability from source to consumer, a capability first demonstrated in 2018 for imported and expanded in subsequent years. By 2025, these technologies continued to bolster integrity, with applications reducing counterfeit risks in high-value goods like pharmaceuticals and electronics. JD Technology's solutions power a significant portion of JD.com's internal operations, contributing to efficiency in areas like detection and .

JD Industrials and JD Property

JD Industrials, a subsidiary of JD.com, specializes in providing comprehensive B2B industrial services, including procurement solutions and for enterprises across various sectors. It offers end-to-end solutions, positioning itself as a reliable supplier for long-tail goods, enabling businesses to streamline sourcing and operations efficiently. The unit serves a broad base of corporate clients, including approximately 60% of China's companies and over 40% of the , supporting their procurement needs through digital platforms and integrated services. In September 2025, JD Industrials filed for an on the , aiming to raise up to $500 million while JD.com retains majority control post-listing. The filing highlighted strong financial performance, with revenue increasing 18.9% year-over-year to 10.3 billion yuan ($1.4 billion) in the first half of 2025, and net profit surging 55% to 451.3 million yuan. This move is intended to capitalize on the growing market in , valued at $2.52 trillion, by enhancing capital access for expansion. JD Property, another key arm of JD.com, focuses on the investment, development, and management of modern , including warehouses, parks, and commercial spaces to support efficient asset utilization. It optimizes real estate through smart technologies, such as AI-driven inventory systems and automated warehousing, to reduce operational costs and improve responsiveness. These assets, often integrated with JD Logistics' warehousing network, form a critical backbone for JD.com's broader ecosystem. In August 2025, JD Property announced plans to establish a $1 billion (REIT) in , in partnership with firm and EZA Hill Property, targeting industrial and logistics assets for acquisition and management. The REIT aims to list on the as early as 2026, with an initial focus on to drive regional expansion and diversification of JD.com's property portfolio. Strategically, JD Industrials and JD Property play pivotal roles in diversifying JD.com's beyond consumer retail, incorporating elements of through models like "Joy Industrial" for predictive and . In 2025, these units advanced international synergies, with the REIT facilitating Southeast Asian growth and JD.com's investment in European retailer enabling and optimizations across borders.

Other ventures

JD.com has pursued diversification through several smaller-scale ventures, focusing on international expansion, , and strategic investments that collectively contribute less than 5% to its overall revenue as of 2025. These initiatives aim to explore new markets and technologies beyond its core domestic operations. A key international effort is JD Worldwide, the company's cross-border platform, which facilitates global imports to through dedicated digital storefronts known as national pavilions. As of late 2025, JD Worldwide operates over 140 such pavilions, supported by embassies and trade organizations, and announced plans to launch 50 additional pavilions in 2026 to further bolster imports and onboard 1,000 overseas brands under its "10 Billion Growth Plan," targeting RMB 10 billion in sales growth. Complementing this, Ochama serves as JD.com's retail brand in , launched in with robotic, cashierless stores in the to blend online and physical shopping experiences. By 2025, Ochama transitioned to the Joybuy platform, launching in on August 23, 2025, after ceasing Ochama operations on the same date with user data migration; it has expanded to include automated warehouses in , the , and , along with one-hour delivery services for groceries and personal care items in markets like , for broader and sales across 25 European countries. In November 2025, Ochama launched a new automated warehouse in to enhance operational efficiency. In emerging sectors, JD.com entered the automotive space in 2025 through partnerships with battery maker and automakers and . With and , it co-launched the Aion UT Super, a compact featuring a 99-second battery swap and 500 km range, exclusively available during the November 2025 shopping festival. Separately, its collaboration with and focuses on integrating , intelligent , and data-driven smart mobility solutions. JD.com also advanced in robotics via a November 2025 strategic partnership with PL-Universe Robotics, an embodied intelligence firm, to enable exclusive global online sales and overseas market expansion of products like the ProWhite Robot 2.0 and a new dexterous hand. This collaboration leverages JD.com's e-commerce infrastructure for distribution and service support. On the front, JD.com holds minor s in regional ecosystems, including ongoing in despite scaling back direct e-commerce operations there in 2023, with nine warehouses across , , , , and to support cross-border fulfillment. In , it pursued a major but targeted in through a July 2025 agreement and voluntary public takeover offer for AG, the parent of and Saturn, valued at €2.2 billion, aiming to create a next-generation platform while maintaining operational independence.

Corporate affairs

Leadership and governance

JD.com was founded as a physical retailer in 1998 by Richard Qiangdong Liu, with operations beginning in 2004; Liu has served as its chairman since inception and as until April 2022. Liu, a pivotal figure in the company's early development, retains significant influence through his role on the board. Since May 2023, Sandy Ran Xu has served as JD.com's and , having previously held the position of from 2020 to 2023. Xu, with a background in accounting and prior experience at and other firms, leads the company's strategic operations across its , , and segments. Key executives include Ian Su Shan, who has been since May 2023, overseeing financial strategy and . The comprises as chairman, Xu as an , and independent directors such as Ming Huang, who chairs the and brings expertise in finance and accounting. Other board members include Louis T. Hsieh, Dingbo Xu, and Jennifer Ngar-Wing Yu, ensuring a mix of industry, legal, and financial oversight. JD.com's structure features a dual-class share system, where Class A ordinary shares carry one vote per share and Class B ordinary shares, primarily held by , carry 20 votes per share, granting him effective voting control. The company complies with requirements of the Stock Market, where it has been listed since 2014, and the , following its secondary listing in 2020, including standards for board independence and committee functions. Diversity initiatives emphasize gender equality, with recognition from the for advancing women's participation in leadership and operations. In 2018, faced allegations of during a business trip to the , which he denied; the criminal charges were dropped, but a related civil was settled out of court in October 2022. These events contributed to Liu's decision to step down as CEO in April 2022, transitioning to a non-executive chairman role to focus on long-term strategy while Xu Lei and later Xu assumed operational leadership.

Financial performance

JD.com has demonstrated robust revenue growth in recent quarters, driven primarily by its core and segments. In the second quarter of 2025, the company reported total net revenues of RMB 356.7 billion (approximately US$49.8 billion), marking a 22.4% increase year-over-year. This growth was led by JD Retail, which contributed RMB 310.1 billion in net revenues, accounting for about 87% of the total and reflecting a 20.6% year-over-year rise, fueled by expanded product offerings and user engagement. JD Logistics generated RMB 51.6 billion in revenues, representing roughly 14% of the overall figure and growing 16.6% year-over-year, supported by increased external customer orders and efficiencies. In the third quarter of 2025, net revenues were RMB 299.1 billion, a 14.9% increase year-over-year. Profitability faced pressures in the same period due to strategic investments, resulting in a non-GAAP of 0.3%, a decline from 4.0% in the second quarter of 2024. The company recorded an operating loss of RMB 0.9 billion, contrasting with a RMB 10.5 billion profit the prior year, primarily attributable to heightened spending on services and international expansion amid competitive dynamics in China's sector. Despite this, attributable to ordinary shareholders stood at RMB 6.2 billion (US$0.9 billion), underscoring resilience in core operations. JD.com's shares are listed on the under the ticker JD and on the under 9618, with a of approximately US$43 billion as of November 2025. The company's remains strong, featuring , restricted cash, and short-term investments totaling over US$31 billion at the end of Q2 2025, providing ample for ongoing expansions, while long-term stood at approximately RMB 35.5 billion (US$5.0 billion). Since 2023, JD.com has shifted toward sustained profitability following challenges in 2022, with rebounding significantly; however, recent margins have been tempered by costs associated with initiatives and international ventures. This trend highlights the company's focus on long-term growth over short-term gains in a competitive market.

Operations and workforce

JD.com maintains its global headquarters in Beijing at JD Building, No. 18 Kechuang 11 Street, with major operational offices in and within , as well as international hubs including those in the United States and . The company's operations center on a 24/7 platform that facilitates direct sales and services, primarily serving over 600 million annual active customers in while expanding internationally. As of mid-2025, JD.com's totals approximately 571,000 employees, with more than 300,000 dedicated to roles across its extensive network of over 3,600 warehouses. Delivery positions within experience notably high turnover rates, attributed to the physically demanding and fast-paced nature of the work. JD.com operates in more than 10 countries, with key international hubs in , , , , , , the , , the , and the , supported by ongoing expansions such as new overseas warehouses. In , the company advanced its presence through the 2025 takeover offer for AG, which operates MediaMarktSaturn and prompted discussions on labor integration amid regulatory reviews. To support its workforce, JD.com implements comprehensive initiatives, including specialized training programs such as the Eagle Team for recent graduates, the International Management Talent program for MBA holders, and JD Run for . The company also offers competitive benefits like stock options to eligible employees, alongside multi-tiered career advancement opportunities aimed at retention and skill enhancement.

Partnerships and collaborations

Current strategic partnerships

In July 2025, JD.com announced and pursued a strategic investment partnership with Ceconomy, the German parent company of MediaMarkt and Saturn, through a voluntary public takeover offer valued at approximately €2.2 billion. As of November 2025, JD.com and partner Convergenta have secured a 70.9% stake, enhancing JD.com's presence in the European consumer electronics market by leveraging Ceconomy's established retail network and JD.com's e-commerce expertise for cross-border expansion. In October 2025, JD.com formed collaborations in the automotive sector with , Guangzhou Automobile Group (GAC), and to advance smart mobility solutions and sales. These partnerships include the launch of the "Aion UT Super" , featuring CATL's rapid battery-swapping technology, exclusively available on JD.com during the Double 11 shopping festival, and a data-driven with Changan for intelligent vehicle ecosystems. On the retail front, opened its official flagship store on JD.com's platform in August 2025, offering over 6,500 products across 168 categories to reach hundreds of millions of Chinese consumers and bolster home furnishings accessibility. Complementing this, JD.com pledged in November 2025 to launch 50 new national import pavilions in 2026, expanding its network of country-themed online stores to introduce tens of thousands of global products and support overseas brands' entry into . In technology, JD.com established a with PL-Universe Robotics in November 2025 to facilitate international distribution of advanced embodied robots, including the ProWhite Robot 2.0 and dexterous hand models, through JD.com's global online channels. Additionally, JD.com maintains an ongoing integration with Tencent's ecosystem, enabling seamless payment options via and enhanced user engagement across mini-programs and channels to drive growth. These alliances collectively strengthen JD.com's and market reach, with a strategic emphasis on the and European regions to support international expansion and import-driven revenue growth.

Former partnerships and investments

In 2016, acquired a 5% stake in JD.com through the exchange of its e-commerce unit Yihaodian, marking the beginning of a focused on and retail in . This stake was later increased to approximately 10% in 2017 and further to around 16% by 2018 via additional investments, enabling collaborations such as integrating stores into JD.com's platform and joint logistics efforts through the New venture for crowdsourced delivery. However, amid intensifying competition in the market and 's shift toward expanding its own operations like , the retailer began reducing its holdings, selling portions in 2021 to bring the stake down to about 10%, and fully exiting in August 2024 by offloading 144.5 million shares for roughly $3.7 billion. JD.com's 2018 partnership with Google involved a $550 million for less than 1% , aimed at advancing , applications in , and e-commerce expansion, including device sales on JD's platform. This collaboration contributed to enhancements in JD's technology infrastructure, particularly supporting the growth of JD , which JD.com established as an independent core business unit in 2017 and elevated to one of its four primary pillars by 2020, focusing on AI-driven services for and logistics. By 2022, JD Cloud had evolved into a standalone entity providing and AI solutions primarily within , reflecting a transition from joint technological development with Google to self-reliant operations amid geopolitical tensions and regulatory shifts in tech collaborations. The 2017 joint venture between JD.com and luxury e-commerce platform saw JD invest $397 million for a significant minority stake, creating a gateway for global luxury brands into the through integrated online sales and support. This partnership expanded in 2019 when acquired JD's Toplife luxury platform for $50 million, merging operations to bolster 's presence in . However, facing challenges from shifting consumer preferences and competition from platforms like Alibaba's Luxury Pavilion, terminated the operational partnership with JD.com in late 2020, while JD retained its shareholder position following the termination amid 's later financial challenges. Earlier, played a pivotal role in JD.com's growth by acquiring a 15% stake in 2014 for $215 million, providing strategic support ahead of JD's U.S. IPO and facilitating integrations like WeChat payment options on JD's platform. 's holding grew to 17% over time but saw a partial exit in 2021 when it distributed approximately 14.7% of JD shares—valued at $16.4 billion—to its own shareholders as a special dividend, reducing its stake to 2.3% to streamline investments amid regulatory pressures on tech conglomerates. These former partnerships highlight JD.com's strategic evolution from heavy reliance on equity-based alliances for market entry and technology access to more flexible, operational collaborations, allowing greater agility in response to competitive dynamics and regulatory environments in the e-commerce sector.

Sustainability and ESG

Environmental initiatives

JD.com has prioritized green logistics as a core component of its environmental strategy, focusing on reducing emissions through vehicle electrification and efficient infrastructure. In partnership with Contemporary Amperex Technology Co. Limited (CATL), the company announced in October 2025 a strategic alliance to accelerate the electrification of its urban delivery fleets, aiming to lower carbon footprints in last-mile operations. JD Logistics, the company's logistics arm, operates an extensive network of warehouses and distribution centers optimized for sustainability, including the use of intelligent algorithms for route optimization to minimize fuel consumption. A key achievement in this area is the certification of the Xi'an Asia No.1 Logistics Industrial Park as carbon neutral in 2022, marking progress toward broader targets for low-carbon warehousing. In packaging, JD.com emphasizes recyclable and reduced-material solutions to curb . The company has committed to achieving 80% recyclable packaging materials and replacing over 50% of plastic packages with biodegradable alternatives. Through the Green Stream Initiative, launched in 2017, JD.com reduced industry-wide disposable usage by nearly 10 billion pieces by the end of 2021, promoting slimmer tapes, shared boxes, and for reuse. These efforts integrate with broader operations, such as customized reduction measures for materials like air pillows and wrapping films outlined in the 2024 Packaging Management Measures. JD.com extends sustainability to its by encouraging supplier alignment with global standards and optimizing sourcing for lower emissions. JD Logistics pledged that 50% of its suppliers, measured by spend across upstream categories, will set science-based targets under the (SBTi) by 2025. This commitment supports emission reductions throughout the , including programs for suppliers on SBTi participation. For sourcing, JD.com maintains partnerships with Chilean cherry producers, enabling direct procurement that streamlines transport and reduces intermediaries, as seen in the 2025-2026 season launches with exporters like Garces Fruit. The company's 2024 Environmental, Social, and Governance Report, released in June 2025, provides detailed tracking of Scope 1, 2, and 3 , including categories like purchased goods, fuel-related activities, and upstream transportation. It highlights progress in adoption, such as the purchase of 1.69 million kWh of green energy for the headquarters campus in late 2024. JD Logistics further advanced Scope 3 monitoring via its platform, enabling precise measurement and verification across supply chains. Notable achievements include the launch of the first Carbon Inclusion Shopping Event on Earth Day 2025, which integrates carbon tracking into consumer purchases to promote low-emission products and offset impacts through green initiatives. Overall, these efforts align with JD.com's goal to cut carbon emissions by 50% by 2030 from 2019 baselines, fostering a sustainable ecosystem in e-commerce logistics.

Social responsibility efforts

JD.com has undertaken extensive social responsibility initiatives aimed at fostering , promoting , and enhancing . Through its and various programs, the company leverages its platform to address societal challenges in , focusing on equitable access to opportunities and resources. In the realm of , JD.com has prioritized rural revitalization by providing e-commerce training to farmers, enabling them to integrate into digital markets. Since launching targeted programs around 2015, with intensified efforts from 2018 onward, the company has conducted over 630 training sessions across 28 provinces and districts, benefiting more than 100,000 individuals, including farmers and rural entrepreneurs. These initiatives include establishing over 100 e-commerce incubators to support young rural entrepreneurs and creating platforms for rural products, which have facilitated sales exceeding 20 billion RMB and supported more than 300,000 people in China's 832 poorest counties. Additionally, JD.com has recruited 25,000 employees from impoverished rural areas and deployed nearly 60,000 village promoters to bridge urban-rural divides. Diversity and inclusion efforts at JD.com emphasize , aligning with broader goals for in supply chains. The company supports programs that promote female participation in , including training and opportunities for women-led businesses. In its commitments, JD.com has set targets to advance , such as integrating the Women's Empowerment Principles into supplier practices, with aims to elevate 50% of JD Logistics suppliers toward inclusive standards by 2025. These initiatives build on workforce , where female employees have benefited from targeted activities, contributing to a more inclusive corporate culture. Consumer protection remains a cornerstone of JD.com's social efforts, particularly through advanced anti-counterfeit technologies and authenticity guarantees. The company maintains a strict zero-tolerance policy against counterfeit goods, employing blockchain-based tracking, serialized codes, and supply chain monitoring to ensure product genuineness. JD Worldwide has enhanced these measures with on-demand authenticity inspections and AI-driven anti-counterfeiting solutions, such as the JD Smart Check system launched in 2023, which provides comprehensive verification for imported merchandise. Complementing this, JD Health has focused on improving health access, notably through 2025 charity programs that assisted over 23,000 patients with rare diseases via joint foundations, offering free consultations and donations to underserved communities. Employee welfare initiatives include comprehensive CSR training and support during disasters. JD.com provides multi-tiered programs to equip with skills in sustainable practices and public , encouraging participation in volunteer activities. In response to natural calamities, the company has coordinated relief efforts, including donations and logistics to deliver essential supplies, building on prior commitments like the RMB 30 million for flood victims in previous years. These programs underscore JD.com's role in enhancing community resilience. JD.com's social contributions have earned recognition, including placement on the Fortune China ESG Impact List for the fourth consecutive year in 2025, praised for exemplary employee and societal . This accolade highlights the company's integrated approach to through technology and .

Governance and reporting

JD.com's ESG governance is overseen by a dedicated ESG established at the Board level, which provides strategic direction and monitors the implementation of initiatives across the company. This committee ensures alignment with international standards, including the (UN SDGs) and the (GRI) Standards, to address material ESG risks and opportunities systematically. The company publishes annual ESG reports to promote transparency, with the 2024 edition released on June 19, 2025, detailing performance across key areas such as environmental impact, employee welfare, and . These reports specifically address material risks, including data privacy through enhanced user protection measures and ethics via responsible sourcing practices and partner requirements. As a -listed , JD.com adheres to U.S. Securities and Exchange Commission () and disclosure requirements, filing regular reports such as and 10-Q to ensure financial and operational transparency. Following internal cases disclosed in involving 16 employees, the company reinforced its anti-corruption framework with a zero-tolerance policy, mandatory anti-bribery agreements for partners, and comprehensive training programs. In 2025, JD.com integrated ethics into its structure by establishing an AI ethical framework and usage policies to promote fairness in processes and mitigate algorithmic biases, as outlined in its latest disclosures. The company also employs third-party audits and assurance engagements, such as those conducted by , to verify claims and enhance report credibility. JD.com's ESG efforts have earned recognitions including an ESG Rating, a 'B' Climate Change Score from CDP, and an ESG Score, alongside inclusion in the as a best-in-class performer.

References

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