Date
25 September 2017
Richard Liu, 41, has reason to smile like that.  JD.com just made him China's newest tech tycoon with a record debut on NASDAQ. Photo: Bloomberg
Richard Liu, 41, has reason to smile like that. JD.com just made him China's newest tech tycoon with a record debut on NASDAQ. Photo: Bloomberg

Rousing JD.com debut mints China’s newest internet tycoon

It’s official. E-commerce giant JD.com Inc. is a US$57.14 billion company thanks to a 20 percent surge on its NASDAQ debut Thursday.

China’s second largest e-commerce website after Alibaba also became the biggest tech IPO on record after raising US$1.78 billion, the Hong Kong Economic Journal reported Friday.

The NASDAQ haul minted China’s newest internet billionaire, JD.com founder and chairman Richard Liu Qiangdong, 41.

Liu controls 83.7 percent of the voting rights in JD.com under a dual-class arrangement, even though his personal stake is only about one-fifth of the stock. Bloomberg estimates his fortune at US$3 billion to US$6 billion.

Tencent (00700.HK), which owns a 17.9 percent stake in JD.com, has a 3.7 percent voting right.

JD.com has been a money-losing company but Liu is determined to turn it into a diversified e-commerce ecosystem, with plans to step up research and development in cloud-computing, data mining and mobile applications.

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EJ Insight reporter

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