Ernest Fung, a Hong Kong-based senior director and head of international corporate development at China-based e-commerce firm JD.com, returns as a Rising Star and having previously also been included in the GCV Powerlist. He has a finance background, and was a director of technology, media, and telecoms investment banking at financial services firm Citigroup for a decade before his current appointment.
Nasdaq-listed JD is said to be one of the largest online retailers in China, focusing on new technologies such as drones and robotics, especially after raising $2.5bn by selling a stake in its logistics business in early 2018 to investors including equities investment firm Hillhouse Capital and internet company Tencent Holdings.
In November 2018, Japan-based newspaper for the logistics industry Yuso Keizai reported that JD launched its drone delivery service to celebrate China’s so-called Singles’ Day on November 11, delivering 20,000 parcels over a total of more than 120,000 kilometres in a period of 11 days. In the same month, graphics processing unit technology provider Nvidia announced that JD, along with China-based local services platform Meituan, opted to employ its Jetson AGX Xavier robotics platform to develop next-generation autonomous delivery robots.
Fung joined JD.com in 2014, and has been concentrating his efforts on M&A and investments in emerging e-commerce, fintech, logistics and retail technologies, such as JD’s $500m financing round co-led with big-box retailer Walmart for New Dada, a China-based grocery e-commerce joint venture between JD and logistics services provider Dada, in August 2018.
JD also acquired a 9.9% stake in Hong Kong-listed logistics facilities operator China Logistics Property Holdings in May 2018.
