China Billionaire & JD Founder Richard Liu Donates $2.3 Billion of Shares to Charity

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China Billionaire & JD Founder Richard Liu Donates $2.3 Billion of Shares to Charity

5th February 2022 | Hong Kong

China billionaire & JD.com founder Richard Liu with around $16 billion personal fortune, has filed to donate $2.3 billion of JD.com shares to charity.  The filing was submitted to the United States Securities and Commission to donate 62,376,643 Class B Ordinary shares of JD.com to a 3rd-party foundation for charitable purposes.  Through “China Common Prosperity”, China President Xi Jinping has called for distribution of wealth and high income groups and businesses to contribute to society.  With the announcement in 2021, market analysts and various media reports are anticipating new policies such as higher taxes on high income earners, property tax, inheritance tax, capital gain tax and incentives for charity, philanthropy and corporate social programs. Read More: China Crackdown | Common Prosperity

“ China Billionaire & JD Founder Richard Liu Donates $2.3 Billion of Shares to Charity “

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China Common Prosperity

China President Xi Jinping, at the 10th Meeting of China Central Finance and Economics Committee, has announced China’s new goal to promote common prosperity for all, not just for a few and not in the form of equal distribution, but common prosperity through a few stages including encouraging hard work and innovation, improving people’s livelihood, creating more inclusive & fair conditions to improve education level & development ability, and creating more opportunities for people to get rich.  With the announcement, market analysts and various media reports are anticipating new policies such as higher taxes on high income earners, property tax, inheritance tax, capital gain tax and incentives for charity, philanthropy and corporate social programs.

Since late 2020, China has increased scrutiny on China technology companies on monopolistic behaviours, security & data privacy, capital-raising practices, cryptocurrencies and operations of financial institutions, strengthening regulations, preventing excessive marketing approaches such as using soft pornography involving children & minor to drive usage of platforms and to tackle anti-competitive behaviours. Read More: China Crackdown | Common Prosperity

JD.com

JD.com is China’s largest online retailer and is China’s biggest internet company by revenue.  In 2019, JD.com reported $82.9 billion net revenue, has 700+ warehouses and more than 360 million annual active customers.   JD.com is listed on NASDAQ with a market capitalization of $115 billion (28th May 2021).  In June 2020, JD.com became dual-listed on Hong Kong Exchange. 

The company is founded by Richard Liu in 1998, committing RMB12,000 (USD 1,695 ~ 1 USD = RMB 7.08) of his savings to lease a 4 sqm retail unit in Beijing’s technology hub of Zhongguancun to establish JD Multimedia.  In 2004, after the 2003 SARS outbreak , he saw the potential of internet to support his business and began selling products online.  In 2004, he closed his brick-and-motar store and launched jdlaser.com which became jd.com later on.  In 2014, JD.com went public on NASDAQ and raised $1.78 billion.  JD.com founder Richard Liu, is a billionaire and has an estimated fortune of $20 billion in 2020.

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