Tech billionaire Richard Liu’s decision to decamp to London during Beijing’s zero-Covid curbs — leaving behind a lavish residence built in ancient Chinese style atop his own company’s headquarters — gave him plenty of time to think about new strategic directions.
Several years later, opportunities in Europe are at the top of Liu’s mind, as his company JD.com, a $50bn survivor of Beijing’s crackdown on tech, is on the hunt for deals to fuel the company’s global expansion.
“Internationalisation is paramount for our future,” Liu said in June to reporters in Beijing. Despite JD.com operating for a number of years in Europe, he said the company had more “foundational work” to do to replicate its successful Chinese ecommerce business.