JD.com founder and CEO Richard Liu will donate firm shares value about US$2.34 billion to charity, the Chinese e-commerce big 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 earth’s second-largest economic system.
Liu will give away about 62.4 million Class B atypical JD shares, the corporate disclosed in a submitting, with out specifying the third-party basis receiving the donation.
American depository shares in JD, every representing two atypical shares of the corporate, closed at US$75.08 on Tuesday and had been final buying and selling down almost 1.9 per cent on Wednesday.
Other large Chinese tech leaders who’ve ramped up charitable donations amid the federal government crackdown embrace ByteDance founder Zhang Yiming, who pledged 500 million yuan (US$78.61 million) to the Chinese metropolis of Longyan for schooling.
According to a submitting in June final yr, meals supply big Meituan’s founder and chief govt, Wang Xing, stated he would donate shares value about US$2.27 billion to his private charity.
In April 2021, tech big Tencent stated it might make investments 50 billion yuan in environmental and social initiatives amid regulatory scrutiny from antitrust regulators.