Chinese e-commerce giant JD.com, founded by Richard Liu Qiandong exactly 20 years ago, has set an ambitious vision for itself in the next two decades amid rising competition and the current economic slowdown, reports the South China Morning Post. On its anniversary day on Sunday, the e-commerce giant said over the next 20 years it intends to build three enterprises with over RMB 1 trillion ($140 billion) in revenue and RMB 70 billion in net profit each, five enterprises in the Fortune Global 500 list, and seven listed companies each with at least RMB 100 billion market cap, known together as its “35711 Vision.”
This ambitious plan comes at a time when China’s e-commerce market is losing growth momentum as the economy slows and as its population ages. JD.com, the main listed vehicle, saw its first-quarter revenue rise 1.4% year-on-year to RMB 243 billion, with a profit of RMB 6.3 billion.
JD.com’s new vision was announced in an open letter sent to its 560,000 employees on Sunday. Competitors are also rejigging long-term plans, with Alibaba Group Holding in the midst of a restructuring that will carve its operations into six independent entities.