Liu Qiangdong, or Richard Liu, founder and chairman of JD.com, recently transferred his ownership of equity shares at two subsidiary companies after stepping down as CEO in April.
One Chinese affairs analyst believes Liu made the move in response to the Chinese Communist Party’s (CCP) campaign to target the business elite.
The Powerful Economic Players
JD.com, a Beijing-based online retailer and China’s largest e-commerce business by revenue, has more than 580.8 million active customers and a revenue of 951.6 billion yuan (about $148 billion) in 2021, according to its 2022 report.
Liu established the company in 2004. He was among Fortune Magazine’s “World’s 50 Greatest Leaders” in 2015. According to Forbes, he has a net worth of $12.3 billion as of Sept. 21….