JD.com founder Richard Liu cashes out nearly US$1 billion from e-commerce giant after retreat from top job
- Liu has sold Nasdaq-listed JD.com stock and Hong Kong-listed JD Health shares worth a combined US$988 million since April
- Liu’s stock sales and retreat from a front-office role are in line with a technology sector trend amid months of regulatory scrutiny
JD.com founder Richard Liu Qiangdong has cashed out nearly US$1 billion from the e-commerce giant he founded since stepping down from the chief executive role in April, according to public filings, prompting speculation over what he may do with the proceeds.
In April and May, 49-year-old Liu sold 8.84 million shares in subsidiary JD Health worth about HK$440 million (US$56 million).
The move by Liu, one of China’s best-known tech entrepreneurs, has triggered speculation over the reasons for the sale, as the Chinese billionaire has previously been reluctant to cut his stake in JD.com.
At the World Economic Forum in January 2018, Liu said that he had “rarely” cut his ownership in the company because he thought that the stock price was too low. JD.com is currently trading about 50 per cent higher than early 2018.