Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
WeChat Tests Pay-to-Read Feature for Public Blogging Accounts
Huawei Asks U.K. Developers to Help Build App Ecosystem Amid Android Ban
Rising Air Pollution Across China Clouds Clear Skies in Beijing and Shanghai: Report
LATEST
Property Giant Evergrande Pays 12% in New Bond Financing
More Virtual Banks to Switch On in Hong Kong
Geely’s Volvo Links Up With China Unicom on 5G for Self-Driving Cars
Investors Cash Out of Online Lender Qudian’s After Guidance Withdrawal
China-U.S. Trade Deal Hardly Addresses Issue of Technology Transfer
Tesla Eyes Design and Research Center for ‘Chinese-Style’ Cars
IPhone Manufacturer Gets Into Electric Cars Via Fiat Venture
Exclusive: Another PBOC Official Is Under Probe, Possibly Tied to Third-Party Payment
‘Chunyun’ Helps Travel-Related Apps Grow Their Active Users in December, Survey Shows
Rising Air Pollution Across China Clouds Clear Skies in Beijing and Shanghai: Report
Huawei Asks U.K. Developers to Help Build App Ecosystem Amid Android Ban
WeChat Tests Pay-to-Read Feature for Public Blogging Accounts
Listed Internet Firms Rally in Fourth Quarter
Beijing Media Company Enlight Announce One Billion Yuan Investment in Animation
JD.com Doubles Down on Smaller-Cities Expansion to Bolster 2020 Growth
Big China Tech Feasts, as Startups Go Hungry
Beyond Meat Shares Rise on Executive’s China Comments
Government Push on Electronic Toll Collection System Fuels Supplier Growth
Yum China Mulls Second Listing in Hong Kong, News Reports Say
PBOC Selects Six Pilot Projects Under Fintech Development Plan

By Isabelle Li / Dec 17, 2018 05:50 PM / Business & Tech

Richard Liu. Photo: VCG

Richard Liu. Photo: VCG

E-commerce giant JD.com’s finance unit has undergone a minor shakeup that’s seen embattled founder and CEO Richard Liu replaced as the company’s largest shareholder by … Richard Liu.

The latest public records show that Liu, who stands accused of rape stemming from a U.S. case dating back to August, has recently seen his personal stake drop in JD.D, previously known as JD Finance. The drop to 14.02% from a previous 16.67% is significant, because the latter figure was enough to make him the company’s biggest stakeholder.

But following the reduction, the biggest single shareholder now becomes a limited partnership registered in Liu’s hometown of Suqian in east China’s Jiangsu Province. And guess who controls that partnership, which holds 16.13% of JD.D? Of course that would be Liu, who is the majority stakeholder.

The company had no comment on the minor reshuffle.

Liu was accused of rape in August by a student in the U.S. state of Minnesota, in a case where prosecutors are still weighing whether to bring charges.

JD.com’s stock has slumped by over 30% since the rape allegation. The company, the second largest e-commerce player in China after Alibaba, was listed on the Nasdaq in 2014, and still counts Liu as the man in control with 79.5% of its total voting rights. JD Finance is one of JD’s three key sub-businesses besides JD mall and JD logistics.

Related: Rape Investigation for Internet Tycoon Richard Liu Wraps Up

Share this article
Open WeChat and scan the QR code