Richard Liu , billionaire founder of China’s second biggest online retailer JD.com Inc., recently gave his equity interests in two affiliated firms to the company’s top executives.

According to a Sohu report on November 4, Liu officially transferred his 45% equity stakes in both Suqian Tianning and Xian JD to Miao Qin , vice president at JD.com.

After the new adjustment, Miao will hold 45% equity interests and JD Technology Chief Executive Yayun Li 30%, and JD.com chief human resources officer Pang Zhang 25%, in the two affiliated companies. 

The move came after Liu’s announcement to relinquish his equity stakes on September 16.

South China Morning Post noted that Liu is one of the greatest leaders in China’s tech industry. With his gifted talents, he 刘 successfully transformed JD.com from a 43-square-foot electronics store in Beijing’s Zhongguancun into one of China’s e-commerce giants only after Alibaba Group Holding.

As of November 4, data from Bloomberg Billionaires Index shows that Liu has a net worth of $9.99 billion.

In early September, JD.com overtook controversial telecoms behemoth Huawei to become China’s biggest nonstate affiliated business by revenue.

However, since the communist regime’s brutal tech crackdown in December 2020, Liu has exited from more than 300 JD.com-related firms.

As reported by Reuters, in early April, Liu stepped down as chief executive officer and handed over the reins to current President Xu Lei who was the former head of JD.com’s retail business.

Xu joined the board as an executive director and took over day-to-day operations. Meanwhile, Liu , who owns about 80% of voting power and nearly 14% stake, remains as chairman of the board.

Bloomberg noted that Liu is not the only Chinese tech founder to take a step back amid the regime’s harsh crackdown on tech firms. Last year, Zhang Yiming , founder of TikTok owner Bytedance, also stepped down as CEO to take a less prominent role in the company. Kuaishou Technology founder Su Hua ceded leadership to trusted deputy Cheng Yixiao . And Colin Huang , founder of the upstart e-commerce Pinduoduo resigned as CEO in 2020.

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