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Another Chinese tech tycoon resigns

Billionaire Richard Liu leaves the position of CEO of e-commerce platform JD, amid Beijing’s increasing pressure on technology corporations.

Online commerce platform JD.com announced that billionaire Richard Liu will leave the position of CEO, but will remain as chairman of the board. He founded JD in 1998, four years after Jeff Bezos founded Amazon, and is worth about $13.3 billion.

Richard Liu is the fourth billionaire and founder to leave his position at China’s top technology groups amid government tightening regulation of the sector.





Billionaire Richard Liu in 2018. Photo: Reuters

Billionaire Richard Liu in 2018. Photo: Reuters

The first person was Jack Ma when he retired and no longer holds the position of Chairman of Alibaba from 2019. A year later, Zhang Yiming, founder of Bytedance, TikTok’s parent company, also gave up the position of CEO and Chairman respectively. company president. By 2021, Su Hua, the founder of Kuaishou, and Colin Huang, the owner of the online shopping site Pinduoduo, will both step down as CEOs.

None of these mentioned government pressure in their decision to resign, but their departure comes as Beijing strengthens its regulation of the tech industry and threatens to split top businesses.

“They say the decision was made for personal reasons, but it’s not a coincidence. The main driving force is still the political factor. It’s time for them to leave to make room for their successors,” Naubahar said. Sharif, professor at Hong Kong University of Science and Technology, commented.

The Chinese government is targeting consumer and worker rights issues, launching antitrust investigations into technology companies and increasing data security scrutiny.

According to BloombergIn a discussion session in September 2021, Vice Chairman of the China Securities Regulatory Commission (CSRC) Fang Xinghai said that China’s actions to crack down on technology are aimed at strengthening regulation of securities companies. The company has a large user base, while improving data privacy and national security. He also added that restrictions such as banning online tutoring or restricting video games are meant to “reduce anxiety for society”.

Diep Anh (according to Business Insider)

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