Richard Liu, the founder of JD’s Billionaire, has stepped down as CEO

Richard Liu, the billionaire founder of Inc., has stepped down as CEO of China’s No. 2 online retailer, joining the ranks of digital tycoons who left senior management positions following Beijing’s broad internet-sector crackdown.

JD was one of the few Chinese internet heavyweights that escaped the sweeping campaign to rein in Big Tech. In fact, it has profited from the crackdown by attracting new and returning brands to its platform, such as Starbucks and Estee Lauder, after antitrust regulators penalized larger rival Alibaba Group Holding Ltd. for antitrust violations and forced it to overhaul merchant exclusivity policies.

JD said in a statement that Liu will continue to devote his time to leading the company’s long-term plans and mentoring younger management. He will also help to revitalise rural China, which is a goal of Xi’s “shared prosperity” strategy.