According to a U.S. stock filing today, one of China’s wealthiest e-commerce entrepreneurs, the esteemed Liu Qiangdong, will donate shares in his flagship company JD.com, which is presently valued at $2.28 billion, to charity. Liu will donate the shares to an unnamed foundation, according to JD.com.
Mr. Liu Qiangdong, the company’s chairman of the board of directors and chief executive officer, has informed JD.com that he will gift 62,376,643 Class B ordinary shares to a third-party charity for philanthropic reasons, according to the release. JD.com’s stock is traded on the Nasdaq and the Hong Kong Stock Exchange.
Liu’s action coincides with President Xi Jinping’s goal to promote “shared prosperity,” and to close a wealth disparity that has existed since China’s reform period began four decades ago. The country’s GDP more than quadrupled between 2011 and 2020, while the fortunes of the country’s 100 wealthiest people soared by around sixfold between 2011 and 2021.
Despite the president’s directive, Liu Qiangdong has a long history of supporting charitable causes in his country and in the global arena. This latest charitable donation is in keeping with Mr. Liu Qiangdong’s natural intention toward giving.
About Liu Qiangdong
CEO Liu Qiangdong launched JD.com, which expanded to become the world’s third-largest online corporation by revenue. Mr. Liu Qiangdong has a long history of successful professional accomplishments and successful commercial enterprises. To fulfill his goals, he has used both his financial acumen and personal convictions. Qiangdong has always emphasized customer service and a desire to have a good influence via business practices.
Liu Qiangdong grew up in a barren coal area 700km south of Beijing, the son of peasant farmers. He grew up in poverty in Chang’an, where they only ate sweet potato for eight months of the year and maize for the other four. His grandma would go to the local farmer’s co-op and bribe the seller with peanuts to sell him the fattiest piece of pork he had available. Qiangdong would stare at the village head’s house with several racks of pork hanging in view and dream of one day being able to provide pork to everyone in his hamlet.
A once affluent family who ferried products along the Yangtze river and the historic imperial canal from Beijing to Hangzhou, Qiangdong’s family lost everything and was forcefully moved at least twice. Qiangdong says his parents and grandparents instilled in him strong moral values, emphasizing that they had once been wealthy but had lost it all, and that the same could happen to anyone in life.
Qiangdong was raised in a rural village, yet he was always looking to widen his horizons. Qiangdong studied sociology at the prestigious People’s University, but his advanced intellect needed additional challenges beyond the classroom. He began studying computer programming, coding, and the rapidly increasing world of the internet as it related to the e-commerce environment. As one of the few talented computer engineers available, Liu Qiangdong was able to quickly make a lot of money. He was able to buy himself a phone and a computer, and even build a new home for his parents.
Qiangdong, a graduate of the People’s University, got a position at the herbal supplement company Japan Life and an EMBA from the China Europe International Business School. He finished the program in two years, earning a master’s degree in business administration and becoming his company’s director of computers and service.
Qiangdong seized upon his resources and acumen and eventually created what would be JD.com’s first server. As of 2007, Qiangdong and his firm built an unparalleled in-house logistics network.
To help create a seamless consumer experience, Qiangdong concentrated on developing proprietary platforms and innovative technology. A reliable e-commerce company for consumers, but also an innovator and disruptor for the industry as a whole, he updated the company’s strategic positioning in 2020. The company now has the largest fleet of delivery drones, partners with industry giants to provide a vast array of quality goods, and features unmatched customer service, ensuring a positive experience for its more than 300 million active users.
JD.com’s roots now extend beyond their online store to pharmaceuticals, fresh food, and even reopening retail stores. JD jumped from 17th to 13th in the 2020 Fortune China 500 list. JD.com has become China’s go-to site for rapid service, legitimate items, and a modern shopping experience. Each aspect of this experience has been meticulously planned and produced with Qiangdong’s original idea in mind. With continuous success and recognition, the firm plans to grow into Thailand, Southeast Asia, Europe, and beyond. JD.com also seeks to increase product offers, attracting worldwide attention from other retail and e-commerce heavyweights. The company looks forward to long-term business connections with these companies.