JD.com founder and CEO Richard Liu will donate 62.4 million shares of the corporate to charity, the Chinese e-commerce large stated on Wednesday, including to a listing 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” drive to ease inequality on the planet’s second-largest economic system.
Liu will give away Class B abnormal JD shares, the corporate disclosed in a submitting, with out specifying the third-party basis receiving the donation.
Other huge Chinese tech leaders who’ve ramped up charitable donations amid the federal government crackdown embody ByteDance founder Zhang Yiming, who pledged 500 million yuan ($78.61 million) to the Chinese metropolis of Longyan for schooling.
According to a submitting in June final 12 months, meals supply large Meituan’s founder and chief government Wang Xing stated he would donate shares price about $2.27 billion to his private charity.
In April 2021, tech large Tencent stated it could 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; Editing by Ramakrishnan M.)