E-commerce giant JD.com continued its successful run from 2020, expanding its customer base to 570 million worldwide by the end of 2021. JD brought in $147.5 billion in revenue in 2021, cracking the top 50 of the Global 500 for the first time. But as China’s e-commerce market slows in 2022, JD has struggled to sustain this momentum; as of July 2022, it had lost 45% in market valuation from its peak the previous year. JD saw its slowest growth yet from its annual 618 shopping festival, which first launched in 1998. It shrank its community group purchasing platform, Jingxi Pinpin, twice in 2022 after struggling to compete with Pinduoduo and Meituan in the Sichuan, Hebei, and Shandong regions. Founder Richard Liu stepped down as JD’s CEO in April 2022, with company president Xu Lei taking his place. In May 2022, JD was one of 80 Chinese companies targeted by the Securities and Exchange Commission for potential delisting from U.S. exchanges for failure to meet disclosure requirements.
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