Richard Liu, founder of e-commerce giant JD.com, has been running the Beijing-based company from London for several years. This makes him the latest Chinese tech founder to remain actively involved in day-to-day operations even after stepping down as CEO. According to several people familiar with the matter, his direct reports regularly travel from China to meet with the billionaire. Liu also spends time in Dubai, Tokyo, and Hong Kong.

Liu, who continues to be the chairman of the company, plays a central role in important decisions, including investment strategies and international expansion. He also has his eye on acquisitions in the UK and for instance considered a bid for British electronics retailer Currys. "He is still running the company," said one of the informed individuals.

This continued leadership from outside China comes at a time when JD.com is in fierce competition for market share with other e-commerce rivals in the country, where the company generates most of its revenue. It also highlights the succession problems faced by Chinese technology companies with charismatic and well-known founders, even after they have officially stepped down.

Here is the translation of the heading to English:

"Liu stepped down as CEO in April 2022, while several Chinese entrepreneurs resigned from their leadership roles during Beijing's technology crackdown. He was replaced by then-company president Xu Lei. The leadership change came a few months before Liu reached a settlement with a former university student from Minnesota who had publicly accused the billionaire of rape in 2018. Liu denied the allegations.

Just a year later, JD.com once again changed its management team after the newly appointed CEO Xu resigned from his role "for personal reasons," as the company stated. Liu retained the title of Chairman, while the current CEO Sandy Xu and other JD.com executives remain in Beijing. "Sandy is a doer who ensures everything stays on budget," said a person close to the company, while Liu continues to lead corporate strategy.

Chinese e-commerce companies are increasingly seeking growth opportunities abroad as consumption in their home market stagnates. Liu and his wife, fashion influencer Zhang Zetian, own a property near a central London park. Liu has been exploring investment opportunities in the United Kingdom for several months.

JD.com, specialized in electronics and home appliances, is facing increasing competitive pressure in China from discount rivals like PDD Holdings. Goldman Sachs analysts estimate that JD.com was displaced by PDD last year as the second-largest e-commerce company in China by gross merchandise volume, behind Alibaba.

JD.com stated: "CEO Sandy Xu leads the management team and oversees our daily operations." It further added: "Mr. Liu focuses on the long-term strategy in his role as chairman, and international growth is part of this long-term strategy. Therefore, it is entirely appropriate for him and our executives to spend time in various markets outside of China to seize opportunities, build businesses, and create the right teams.

In the company's most recent annual report, it was stated: "We rely on the expertise and experience of Mr. Richard Qiangdong Liu, our chairman, and our executives," without mentioning Xu by name.

It is not uncommon for Chinese tech founders to remain closely involved with their companies even after officially stepping down from their operational roles. ByteDance founder Zhang Yiming continues to play an active role in the company after resigning as CEO in 2021. He relocated to Singapore during the Covid-19 pandemic but remains involved in the long-term strategy, according to people familiar with the operations of TikTok's parent company. ByteDance declined to comment.

PDD founder Colin Huang stepped down as company chairman in 2021 but continues to play a key role in shaping the company's strategy, according to people familiar with the matter. PDD stated that Huang no longer has “operational responsibilities.”