The logistics arm of Chinese e-commerce giant JD.com recorded losses of more than 2.3 billion yuan ($342 million) in 2018, posting its 12th straight year of losses, the company’s founder and CEO Richard Liu told staff in an email on April 15.
In an internal letter obtained by Chinese state-run media 21st Century Business Herald, Liu said that JD Logistics would be closed within two years if the business didn’t change its practices.
