JD.com

Unlike Alibaba's marketplace model, JD.com built its business on owning things directly. The Beijing company buys inventory, stocks it in its own warehouses, and delivers through a nationwide logistics arm it constructed itself, which gives it tight control over authenticity and speed in a market where counterfeits are a real worry. Founded in 1998 by Richard Liu and moved online in the mid-2000s, it grew into one of China's two dominant online retailers and, with revenue above 150 billion dollars, the country's largest by sales. That asset-heavy approach carries thinner margins than a pure marketplace but builds a moat that is expensive to copy. JD has extended into health care, industrials, logistics as a standalone service, and markets abroad. Its fortunes ride on Chinese consumer spending, which has been uneven, and on competition from Alibaba, Pinduoduo and low-price newcomers.

On MyRWA, JD trades tokenized across 8 on-chain venues - see the listings below.