The founder of one of China’s richest e-commerce businesses will donate $2.3 billion in shares of his flagship JD.com company to charity. JD.com “has been notified by Mr. Richard Qiangdong Liu, the chairman of the board of directors and chief executive officer of the company, that he will donate 62,376,643 Class B ordinary shares of the company to a third-party foundation for charitable purposes,” said the filing on Wednesday , without specifying the third-party foundation that would receive the donation. Liu’s move adds to a list of similar philanthropic pledges from the country’s top tech billionaires. It comes as China’s tech sector, including JD.com and rival Alibaba Group, is under intense scrutiny as part of Communist Party leader Xi Jinping’s “common prosperity” drive to reduce income inequality in the world’s second-largest economy. JD.com’s shares trade at the Hong Kong Stock Exchange and Nasdaq. Its American depositary shares, each of which represents two ordinary …
China’s JD.com CEO To Donate More Than $2 Billion in Shares To Charity
February 4, 2022
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