JD.com founder and CEO Richard Liu will donate company shares worth about $2.34 billion to charity, the Chinese e-commerce giant said on Wednesday, adding to a list of similar philanthropic pledges from the country's top tech billionaires.
The move comes as China tightens scrutiny on its tech sector, including JD.com (JD) and rival Alibaba (BABA), as part of President Xi Jinping's "common prosperity" drive to ease inequality in the world's second-largest economy.
Liu will give away about 62.4 million Class B ordinary JD shares, the company disclosed in a filing, without specifying the third-party foundation receiving the donation.
American depository shares in JD, each representing two ordinary shares of the company, closed at $75.08 on Tuesday and were last trading down nearly 1.9% on Wednesday.
Read more: https://www.cnn.com/2022/02/02/tech/jd-richard-liu-charity-shares-pledge-intl-hnk/index.html