Richard Liu, Founder of JD.com donates US$2 billion

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Richard Liu Qiangdong, founder and chief executive of Chinese e-commerce juggernaut JD.com, is giving more than US$2.2 billion in stock to charity, making him the latest Chinese tech billionaire to donate an unprecedented sum amid Beijing’s efforts to rein in the power of Big Tech and boost “common prosperity”.

Liu, 47, opened a retail shop in 1998, but closed it six years later and moved the business online, creating one of China’s most powerful Internet businesses; U.S.-listed rivals include Alibaba Group and Pinduoduo. Walmart owns 9.3% of Beijing-headquartered JD.com

Liu’s move comes amid a push by China’s President Xi Jinping to promote “common prosperity” and narrow a wealth gap that has emerged since the beginning of its reform era four decades ago.

Among other billionaire tech industry donors last year, Xiaomi CEO Lei Jun gave $2.2 billion worth of shares for social needs, and Wang Xing, the chairman of China food delivery platform Meituan, donated $2 billion of shares.

China Internet heavyweight Tencent announced corporate pledges of 100 billion yuan, or more than $15 billion, for social good.