Liu Qiangdong cashed out 1.8 billion yuan from Jingdong in the past two months

Liu Qiangdong cashed out 1.8 billion yuan from Jingdong in the past two months https://whatchinareads.com/article/?uid=42b0fc12f2d111ec9893c7030b3aab5e

2022-06-23: [Article Link]  On June 23, the IT House reported that, following successive cuts in stocks worth more than HK$440 million (approximately HK$376 million) at the end of April and the beginning of May, Liu Keungdong lost some US$279 million worth of stocks at the end of June, approximately HK$1871 billion. Prior to the reduction, Liu Keungdong held more than 12% of Beijing’s shares and had more than 70% of the vote. This reduction would not affect his control over the company. On 7 April of this year, the Gyeongdong Group issued an announcement that Xu Lei, President of the Gyeongdong Group, would replace Liu Jiangdong as CEO of the Gyeongdong Group, who would be responsible for the day-to-day management of its operations, and that Xu Le would join the Gyeongdong Group Board of Directors as Executive Director. Liu Jiangdong continues to chair the Board of Directors of the Gyeongdong Group and will devote more energy to long-term strategic design, deployment of major strategic decisions, training of young military leaders and village revitalization. It is known that Liu Keungdong has in fact been behind the scenes since 2018 and that since last year he has resigned as a legal representative, chairman of a board of directors or other senior executives from companies such as the Gyeongdong Group, Jingdong Institute, Jingdong Logistics, etc., including the President of the Gyeongdong Group in September 2021 and the CEO of the Gyeongdong Group in April of this year.