Richard Liu follows a fig of high-profile Chinese CEOs successful stepping backmost from operations astatine the firms arsenic the authorities tightens its grip connected the economy.
The billionaire laminitis of Chinese e-commerce elephantine JD.com is to measurement backmost from regular operations, his institution announced, making him the latest A-list CEO to retreat from the limelight arsenic Beijing squeezes the tech industry.
Richard Liu, who founded the steadfast successful 1998, volition "devote much clip to formulating the company's semipermanent strategies", JD.com said successful a connection precocious Monday.
Liu follows a fig of Chinese tech leaders successful stepping distant from much salient nationalist roles arsenic immoderate of the country's largest firms travel nether intensifying authoritative scrutiny.
China has launched antitrust probes and rolled retired tighter rules connected everything from video games to protections for gig system workers successful a wide-ranging effort to curb what the authorities calls "disorderly" enlargement successful the tech sector.
JD.com is an e-commerce juggernaut successful China and an assertive rival of manufacture person Alibaba.
Liu, besides known by his Chinese sanction Liu Qiangdong, was arrested successful the United States successful 2018 implicit allegations of transgression intersexual conduct, earlier being allowed to instrumentality to China.
JD.com did not springiness a circumstantial crushed for the absorption shift, and said Liu would stay president and CEO of the company. Shares successful the steadfast were level astatine the interruption successful Hong Kong connected Tuesday.
His main rival Jack Ma, the laminitis of Alibaba, has kept a debased nationalist illustration since affiliate Ant Group's Hong Kong and Shanghai initial nationalist offering was cancelled conscionable days earlier its planned motorboat successful November 2020. Alibaba was deed with a grounds antitrust good astir astir the aforesaid time.
Zhang Yiming, laminitis of TikTok proprietor Bytedance, said successful May helium would measurement down arsenic caput of his firm, portion the president of e-commerce elephantine Pinduoduo, Colin Huang, announced successful March that helium would vacate his station to absorption connected philanthropy.
© 2021 AFP
Citation: Tycoon JD.com laminitis steps backmost arsenic China tech scrutiny deepens (2021, September 7) retrieved 7 September 2021 from https://techxplore.com/news/2021-09-tycoon-jdcom-founder-china-tech.html
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