Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
U.S. Tightens Export Controls to Cover Subsidiaries of Blacklisted Firms
DeepSeek Unveils New Model With Sparse Attention, Slashes API Costs
Tech Brief (Sept. 30): U.S. Widens Export Blacklist
LATEST
Tech Brief (Sept. 30): U.S. Widens Export Blacklist
U.S. Tightens Export Controls to Cover Subsidiaries of Blacklisted Firms
DeepSeek Unveils New Model With Sparse Attention, Slashes API Costs
Tech Brief (Sept. 29): Meituan’s Food-Delivery Platform Keeta Launches in Dubai
Chinese Chipmaker Moore Threads Gets Fast Track Approval to $1.1 Billion IPO
Chinese Drone Maker XAG Files for Hong Kong IPO After First Annual Profit
GPT Weekly: Nvidia to Invest $100 Billion in OpenAI
Tech Brief (Sept. 26): Trump Approves TikTok Deal
Xiaomi Ups the Stakes in Premium Market With iPhone-Style 17 Series
Yangtze Memory’s Parent Restructures to Pave Way for IPO Amid Sanctions Pressures
Tech Brief (Sept. 25): Alibaba Launches AI Models
Alibaba Bets Big on ‘AI + Cloud’ With New Models, Nvidia Deal
GlobalFoundries Boosts U.S. Investment, Adds China Fabs to Meet Auto Chip Demand
Tech Brief (Sept. 24): Mercedes-Benz, ByteDance Partner on In-Car AI
Tech Brief (Sept. 23): Nvidia Plans $100 Billion Investment in OpenAI for AI Data Centers
Tech Brief (Sept. 22): Trump Says Murdoch Family May Be Involved in TikTok Deal
GPT Weekly: CoreWeave Secures $6.3 Billion Nvidia Order
Huawei Unveils Three-Year AI Chip Roadmap as Nvidia Faces Setbacks in China
Tencent Cloud Shuns Price War in Intensifying AI Race
China’s Regulator Ramps Up Push to Curb Food Delivery Subsidy War

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