China E-Commerce Companies = Dominate Top Retailer Rankings vs. USA Peers... China Top 7 Retailers USA Top 7 Retailers by Revenue*, 2015 by Revenue*, 2015 Alibaba Wal-Mart JD.com CVS China Kroger Resources Suning Walgreens GOME Amazon Pure-Play Wal-Mart E-Commerce Target Auchan Costco Group $B $50B $100B $150B $B $100B $200B $300B $400B Source: Euromonitor. Note: *Revenue defined as retail value of goods excluding tax, and excluding certain transaction categories such as consumer-to-consumer, motor vehicles & auto parts, tickets, travel bookings, delivery foodservice, returns, and others, hence may differ from company disclosed total revenue or gross merchandise value figures. KPCB INTERNET TRENDS 2016 | PAGE Hillhouse Capital 170