HomeBusinessChina's JD.com CEO joins billionaire charity rush with $2.3 billion share pledge

China’s JD.com CEO joins billionaire charity rush with $2.3 billion share pledge

:JD.com founder and CEO Richard Liu will donate firm shares value about $2.34 billion to charity, the Chinese e-commerce large stated on Wednesday, including to an inventory of comparable philanthropic pledges from the nation’s high tech billionaires.

The transfer comes as China tightens scrutiny on its tech sector, together with JD.com and rival Alibaba Group Holding, as a part of President Xi Jinping’s “common prosperity https://www.reuters.com/world/china/what-is-chinas-common-prosperity-drive-why-does-it-matter-2021-09-02” drive to ease inequality on the planet’s second-largest economic system.

Liu will give away about 62.4 million Class B bizarre JD shares, the corporate disclosed in a submitting https://www.sec.gov/Archives/edgar/data/1549802/000119312522025112/d302215d6k.htm, with out specifying the third-party basis receiving the donation.

American depository shares in JD, every representing two bizarre shares of the corporate, closed at $75.08 on Tuesday and have been final buying and selling down practically 1.9per cent on Wednesday.

Other huge Chinese tech leaders who’ve ramped up charitable donations amid the federal government crackdown embrace ByteDance founder Zhang Yiming, who pledged https://www.reuters.com/world/asia-pacific/bytedance-founder-donates-77-million-amid-china-billionaires-charity-rush-2021-06-22 500 million yuan ($78.61 million) to the Chinese metropolis of Longyan for schooling.

According to a submitting in June final yr, meals supply large Meituan’s founder and chief government, Wang Xing, stated he would donate shares value about $2.27 billion to his private charity.

In April 2021, tech large Tencent stated it will make investments 50 billion yuan in environmental and social initiatives amid regulatory scrutiny from antitrust regulators.

($1 = 6.3605 Chinese yuan)

(Reporting by Chavi Mehta in Bengaluru; further reporting by Brenda Goh; Editing by Ramakrishnan M.)

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