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JD.com founder Richard Liu gives up equity stakes in two affiliated firms to boost efficiency as he exits corporate roles
- The JD.com founder transferred his stakes in Suqian Tianning and Xian JD to Miao Qin, a vice-president at the Beijing-based e-commerce giant
- That move comes after Liu stepped down as JD.com’s chief executive in April
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Chinese internet tycoon Richard Liu Qiangdong, the billionaire founder of e-commerce giant JD.com, recently relinquished his equity interests in two affiliated companies to boost their administrative efficiency, while continuing a trend among major tech entrepreneurs to step back from corporate roles.
Liu, 48, has agreed to transfer his 45 per cent equity stakes in both Suqian Tianning and Xian JD to Miao Qin, a vice-president at Beijing-based JD.com, according to separate filings last Friday by Hong Kong-listed subsidiaries JD Logistics and JD Health International.
Those transfers were initiated “to improve the administration efficiency” of the two affiliated firms because Liu, as a non-executive director, was no longer involved in the day-to-day operations of JD.com, which made it difficult to arrange the signing of relevant corporate documents, according to the filings. It said various administrative matters or filings of Suqian Tianning and Xian JD could be better managed by Miao.
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