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The move comes as China tightens scrutiny on its tech sector, including JD.Com and rival Alibaba (NYSE:BABA) Group Holding, as part of President Xi Jinping’s “common prosperity” drive to ease inequality in the world’s second-largest economy.
Liu will give away Class B ordinary JD shares, the company disclosed in a filing, without specifying the third-party foundation receiving the donation.
Other big Chinese tech leaders who have ramped up charitable donations amid the government crackdown include ByteDance founder Zhang Yiming, who pledged 500 million yuan ($78.61 million) to the Chinese city of Longyan for education.
According to a filing in June last year, food delivery giant Meituan’s founder and chief executive Wang Xing said he would donate shares worth about $2.27 billion to his personal charity.
In April 2021, tech giant Tencent said it would invest 50 billion yuan in environmental and social initiatives amid regulatory scrutiny from antitrust regulators.
($1 = 6.3605 Chinese yuan)
