JD.com founder Richard Liu gives up equity stakes in two affiliated firms to boost efficiency as he exits corporate roles

The JD.com founder transferred his stakes in Suqian Tianning and Xian JD to Miao Qin, a vice-president at the Beijing-based e-commerce giant

That move comes after Liu stepped down as JD.com’s chief executive in April

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Internet tycoon Richard Liu Qiangdong has already exited from more than 300 JD.com-related companies since 2020. Photo: Shutterstock

Published: 7:00pm, 21 Sep 2022Updated: 7:07pm, 21 Sep 2022

Chinese internet tycoon Richard Liu Qiangdong, the billionaire founder of e-commerce giant JD.com, recently relinquished his equity interests in two affiliated companies to boost their administrative efficiency, while continuing a trend among major tech entrepreneurs to step back from corporate roles.

Liu, 48, has agreed to transfer his 45 per cent equity stakes in both Suqian Tianning and Xian JD to Miao Qin, a vice-president at Beijing-based JD.com, according to separate filings last Friday by Hong Kong-listed subsidiaries JD Logistics and JD Health International.

Those transfers were initiated “to improve the administration efficiency” of the two affiliated firms because Liu, as a non-executive director, was no longer involved in the day-to-day operations of JD.com, which made it difficult to arrange the signing of relevant corporate documents, according to the filings. It said various administrative matters or filings of Suqian Tianning and Xian JD could be better managed by Miao.

The changes follow Liu’s decision to step down as JD.com’s chief executive in April, handing the job over to company president Xu Lei. That came several months after Liu, who remains company chairman, announced the promotion of Xu to president after previously serving as chief executive at JD Retail.

Richard Liu Qiangdong, founder of Chinese e-commerce giant JD.com. Photo: Handout

Under the new arrangements, Miao will hold the 45 per cent equity stakes at both Suqian Tianning and Xian JD. Li Yayun, chief executive at JD Technology, and JD.com chief human resources officer Zhang Pang retain their equity interests of 30 per cent and 25 per cent, respectively, in those two affiliated firms.

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