JD.com

JD.com is China's largest retailer by revenue, and unlike its marketplace-first rivals it buys and holds most of what it sells. Liu Qiangdong founded it in Beijing in 1998 as a bricks-and-mortar electronics seller and moved it online in 2004. Its differentiator is JD Logistics — a self-owned warehouse and delivery network that lets it promise same- or next-day delivery on most orders, and which it spun off as a separately listed company in 2021.