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Hong Kong, April 7 - JD.com's (9618.HK) founder, Richard Liu, is giving up his chief executive role of China’s $94 billion web retailer after 19 years and is doing so on a relative high. Building on a management reshuffle last year, company veteran Lei Xu will take over while Liu will retain his position as chairman and help to "guide" long-term strategy.
JD's low-margin, asset-heavy model of holding inventory and operating logistics has proven fairly resilient amid a pandemic, a slowing economy and clampdown on online platforms. JD's U.S. shares are down 44% from their peak last year, but they have outperformed Alibaba (9988.HK). Both names debuted in New York in 2014; Under Liu, JD’s annualised total return topped 14%, per Refinitiv, trouncing its larger competitor's 1.8%.
The big unknown is if, and when, Liu will loosen his grip on the company. Following JD's secondary listing in Hong Kong, the billionaire adopted shareholder-friendly measures like holding annual general meetings and allowing the board to convene without him but he still holds some 77% of the vote. Xu is taking charge of a well-oiled machine with a powerful check. |
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发表于 2022-4-7 12:22:34
