An outlet of Stars Express. [File photo]

NO 5 Stars Express

Stars Express, a logistics firm established in 2009, received 70 million yuan investment from Alibaba in 2010. At that time, JD.com was not one of the country's leading e-commerce companies yet. However, due to bad management of Stars Express in the following years, the firm shut down operations in March 2012.

By investing in Express, Alibaba lost an opportunity to develop its own logistics system and that failure has given JD.com a chance to race ahead.

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