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JD.com founder Richard Liu steps down in latest Chinese tech chief exit

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JD.com founder Richard Liu steps down in latest Chinese tech chief exit

The founding father of JD.com Richard Liu has stepped down as chief government of the Chinese language ecommerce group he based greater than twenty years in the past, marking the newest exit for one of many nation’s prime entrepreneurs.

Beijing’s months-long marketing campaign to rein in Massive Tech has spurred a number of Chinese language entrepreneurs to flee government roles in favour of working from behind the scenes, as personal enterprise within the nation comes beneath better regulator scrutiny.

ByteDance founder Zhang Yiming shed his formal titles final 12 months, whereas the chief government of its primary Chinese language rival, Kuaishou, additionally moved to decrease his profile.

At JD’s ecommerce rival Pinduoduo, founder Colin Huang exited all of his government roles on the firm and the pinnacle of Jack Ma’s fintech upstart Ant Group resigned.

JD promoted president Xu Lei as its new chief government. The 47-year-old had lengthy been touted as JD’s subsequent head after main its primary retail division for years and taking on each day tasks for working the corporate final September. He may even be a part of the corporate’s board, JD mentioned on Thursday.

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Liu plans to remain on as chair and is JD’s controlling shareholder, holding a separate class of shares that offers him about 77 per cent of the overall voting energy of the corporate.

“JD has constructed a robust footing within the business,” Liu mentioned in a press release. “I’ll commit extra of my time to JD’s long-term methods and future drivers.”

Liu’s tenure at JD was marred by his 2018 arrest in Minnesota on allegations of sexual assault, which he denied. No costs have been introduced towards him by US prosecutors.

JD mentioned Liu would deal with technique, mentoring upcoming leaders and proceed “contributing to the revitalisation of rural areas”, in a nod to Beijing’s demand that its tycoons do extra for the nation. Liu earlier this 12 months donated $2bn value of JD shares to charity.

JD has typically carried out effectively beneath Liu’s watch with revenues up greater than 10 occasions since its Nasdaq public providing in 2014 and its inventory value rising 211 per cent. The corporate’s Hong Kong shares fell as a lot as 3.6 per cent in early buying and selling on Thursday, greater than the 1.8 per cent fall for the Hold Seng Tech index.

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Liu’s formal exit as chief comes amid a Chinese language regulatory crackdown on tech that has dented the share costs of the nation’s largest web corporations and more and more led to lay-offs as progress has slowed.

JD has up to now averted the brunt of Chinese language regulators and its enterprise has held up higher than rivals comparable to Alibaba, with gross sales of Rmb952bn ($149bn) final 12 months, up 27.6 per cent from the 12 months earlier than. However the firm additionally resorted to lay-offs this spring to get prices beneath management after years of aggressive hiring.

Li Chengdong, head of the Haitun ecommerce think-tank, mentioned Liu’s exit was most likely pushed by a shared need from Chinese language executives to “get out of the general public eye and deal with larger degree firm technique”, although he anticipated Liu to be extra hands-off than the opposite entrepreneurs which have exited lately.

“Xu Lei has finished job rising JD Retail over the previous 4 years . . . so he’s the proper particular person to take the CEO position,” mentioned Li.

Xu has been at JD for greater than a decade, working as the corporate’s chief advertising officer and head of JD Wi-fi earlier than taking on the retail unit.

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Video: Trump's Military Parade Met With Nationwide Protests

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Video: Trump's Military Parade Met With Nationwide Protests

new video loaded: Trump’s Military Parade Met With Nationwide Protests

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Trump’s Military Parade Met With Nationwide Protests

The parade celebrated the 250th anniversary of the U.S. Army with a procession of troops, weaponry and military vehicles as protesters marched across all 50 states.

“Donald Trump has got to go.” “Whose streets?” “Our streets.”

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Minnesota state lawmaker and husband killed by gunman dressed as police officer

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Minnesota state lawmaker and husband killed by gunman dressed as police officer

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Minnesota state representative Melissa Hortman and her husband were shot dead in what state governor Tim Walz described as a “politically motivated assassination”.

Hortman, a Democrat, and her husband were shot at their home in Brooklyn Park, a city north of Minneapolis, on Saturday morning by a man dressed as a police officer, authorities said. Police are still searching for the suspect, named by the FBI as 57-year-old Vance Boelter, who escaped following a shootout with officers.

“My good friend and colleague Melissa and her husband Mark were shot and killed this morning in what appears to be a politically motivated assassination,” said Tim Walz, the state’s governor. He described Hortman as “a formidable public servant, a fixture and a giant in Minnesota”.

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Democratic state senator John Hoffman and his wife were also shot in an incident at their home earlier on Saturday morning in the northern Minneapolis suburb of Champlin, a short distance from Brooklyn Park. Waltz said they were recovering in hospital.

“We are cautiously optimistic they will survive this assassination attempt,” Walz said, describing it as “an act of political violence”.

Police officers called on Minnesotans not to attend “No Kings” protests that were planned for Saturday as the suspect was still on the loose. Organisers say the protests are a response to a shift towards authoritarianism and the militarisation of democracy under US President Donald Trump.

The protests took place in cities and towns nationwide ahead of a military parade in Washington on Saturday to commemorate the 250th anniversary of the US Army, which coincides with Trump’s 79th birthday.

Bob Jacobson, commissioner of public safety for Minnesota, said the gunman had been dressed as a police officer, adding: “The suspect exploited the trust of our uniforms.”

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Jacobson said increased security was in place for public officials and others that may be at risk. Law enforcement officials confirmed the gunman was not a police officer, but was driving a vehicle that appeared to be a squad car.

Trump said he had been briefed “on the terrible shooting that took place in Minnesota, which appears to be a targeted attack against State Lawmakers”.

“Our attorney-general, Pam Bondi, and the FBI, are investigating the situation, and they will be prosecuting anyone involved to the fullest extent of the law,” he said in remarks published on social media platform X by White House press secretary Karoline Leavitt.

“Such horrific violence will not be tolerated in the US of America. God Bless the great people of Minnesota, a truly great place!”

Chuck Schumer, the Senate Democratic leader, described the shootings as “acts of political extremism and an assault on our democracy itself”. 

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“This is where hate and violent rhetoric lead,” Schumer said in a post on X.

“We must stand united against political violence in all forms — and bring those responsible to swift and full justice. My heart aches for the victims and their families.”

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Photos: See No Kings protests around the country

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Photos: See No Kings protests around the country

Houston: People gather in Houston for the No Kings nationwide demonstration.

Raquel Natalicchio/AP


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No Kings protests took place across the country from New York City to Atlanta to Los Angeles.

The 50501 Movement, which stands for 50 states, 50 protests, one movement, said the nationwide protests are aimed at calling attention to what they say are authoritarian actions of the Trump administration.

Here is what it looked like.

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Texas

Houston: A protester shouts with a megaphone at No Kings protest.

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Thousands march for the ‘No Kings Day’ protest Saturday, June 14, 2025, in downtown Dallas.

Dallas: Thousands march for the No Kings protest Saturday, June 14, 2025, in downtown.

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Austin: A woman wears a duck beak during the No Kings protest at the Texas Capitol.

Austin: A woman wears a duck beak during the No Kings protest at the Texas Capitol.

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Austin: Thousands of protestors gather during the No Kings protest at the Texas Capitol.

Austin: Thousands of protestors gather during the No Kings protest at the Texas Capitol.

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Connecticut

Hartford, Ct. — June 14, 2025 — A passenger in a car gives a sign of support for protestors at the Connecticut State Capitol during today’s No Kings protest in Hartford, Ct. Event organizers said nearly 7000 people attended the event. (Mark Mirko/Connecticut Public)

Hartford: A passenger in a car gives a sign of support for protestors at the Connecticut State Capitol.

Mark Mirko/Connecticut Public

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Hartford: Demonstrators outside The Connecticut State Capitol chant during a No Kings protest that event organizers said an estimated 7000 people attended.

Hartford: Demonstrators outside The Connecticut State Capitol chant during a No Kings protest that event organizers said an estimated 7000 people attended.

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Hartford, Ct.: A person wearing a twi-corner hat and spectacles resembling those affiliated with Benjamin Franklin.

Hartford, Ct.: A person wearing a twi-corner hat and spectacles resembling those affiliated with Benjamin Franklin.

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Missouri

St. Louis: Thousands march in downtown St. Louis  during the No Kings protest.

St. Louis: Thousands march in downtown St. Louis during the No Kings protest.

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St. Louis: James Slinkard, 21, holds hands with Taylor Cunningham, 22, both of Cape Girardeau, Mo., while protesting. “I feel like I have the responsibility to be here because there are people who can’t be,” said Cunningham. “I feel like I have to protest.”

St. Louis: James Slinkard, 21, holds hands with Taylor Cunningham, 22, both of Cape Girardeau, Mo., while protesting. “I feel like I have the responsibility to be here because there are people who can’t be,” said Cunningham. “I feel like I have to protest.”

Brian Munoz/St. Louis Public


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St. Louis: Robert Hull, a 76-year-old demonstrator from St. Charles, left in green, protests alongside his granddaughter Maddie Flynn, 29 of Wentzville, center, during the No Kings protest, in downtown St. Louis. “I cannot stand to see injustices perpetrated against groups of people,” she said. “I have the privilege to speak up and my grandpa taught me to stand up for people who can’t stand up for themselves.”

St. Louis: Robert Hull, a 76-year-old demonstrator from St. Charles, left in green, protests alongside his granddaughter Maddie Flynn, 29 of Wentzville, center, during the No Kings protest, in downtown St. Louis. “I cannot stand to see injustices perpetrated against groups of people,” she said. “I have the privilege to speak up and my grandpa taught me to stand up for people who can’t stand up for themselves.”

Brian Munoz/St. Louis Public

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Washington

Seattle: Demonstrators cheer after getting a horn from the Seattle Monorail while marching from Cal Anderson Park to Seattle Center.

Seattle: Demonstrators cheer after getting a horn from the Seattle Monorail while marching from Cal Anderson Park to Seattle Center.

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Seattle: Imelda, a demonstrator, holds a red rose while draped in an American flag while protesting.

Seattle: Imelda, a demonstrator, holds a red rose while draped in an American flag while protesting.

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California

San Francisco: Thousands of protesters march down Dolores Street.

San Francisco: Thousands of protesters march down Dolores Street.

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San Francisco: People form a human banner at Ocean Beach.

San Francisco: People form a human banner at Ocean Beach.

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San Francisco: Thousands of protesters march down Dolores Street.

San Francisco: Thousands of protesters march down Dolores Street.

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San Diego: A musician watches as thousands of protestors, reflected in their sunglasses, march through downtown.

San Diego: A musician watches as thousands of protestors, reflected in their sunglasses, march through downtown.

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Los Angeles: Los Angeles Sheriff's deputies stand guard on the steps of Los Angeles City Hall as protesters assemble.

Los Angeles: Los Angeles Sheriff’s deputies stand guard on the steps of Los Angeles City Hall as protesters assemble.

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Los Angeles: Demonstrators deploy a giant banner reading "We the People," the first three words of the U.S. Constitution's preamble.

Los Angeles: Demonstrators deploy a giant banner reading “We the People,” the first three words of the U.S. Constitution’s preamble.

Etienne Laurent/AFP via Getty Images


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Tennessee

Thousands gathered in Nashville Saturday morning, first crowding Bicentennial Park, before lining nearby streets.

In Nashville, protestors lined the streets around the city’s Germantown neighborhood during the No Kings protest.

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Georgia

Atlanta: Police deployed tear gas on protesters on Chamblee Tucker Road in Embry Hills on Saturday afternoon after some attempted to get onto the ramp to I-285.

Atlanta: Police deployed tear gas on protesters on Chamblee Tucker Road in Embry Hills on Saturday afternoon after some attempted to get onto the ramp to I-285.

Matthew Pearson/WABE

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Macon, Ga.: People gathered Saturday in the same strip of downtown park used for a political rally nearly every weekend since the Hands Off protests in April.

Macon, Ga.: People gathered Saturday in the same strip of downtown park used for a political rally nearly every weekend since the Hands Off protests in April.

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At the Macon, Ga. No Kings protest.

Macon: Protesters assembled in downtown Macon.

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Virginia

Charlottesvile, Va.: People take to the streets to protest.

Charlottesvile, Va.: People take to the streets to protest.

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Oklahoma

Tulsa: Protesters gather for protest in downtown Tulsa.

Tulsa: Protesters gather for protest in downtown Tulsa.

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Minnesota

St. Paul: A demonstrator looks on as a speaker addresses the crowd during a "No Kings" protest.

St. Paul: A demonstrator looks on as a speaker addresses the crowd during a “No Kings” protest.

Stephen Maturen/Getty Images

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St. Paul: Demonstrators rally outside the Minnesota State Capitol building.

St. Paul: Demonstrators rally outside the Minnesota State Capitol building.

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St. Paul: People take photos as demonstrators march to the Minnesota State Capitol building.

St. Paul: People take photos as demonstrators march to the Minnesota State Capitol building.

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Pennsylvania

Martin Luther King III, center right, and his wife Arndrea Waters King

Philadelphia: Martin Luther King III, center right, and his wife Arndrea Waters King, center left, march.

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Philadelphia: Demonstrators fill Eakins Oval in front of the Philadelphia Museum of Art.

Philadelphia: Demonstrators fill Eakins Oval in front of the Philadelphia Museum of Art.

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Illinois

Chicago: Demonstrators take part in the No Kings Day protest.

Chicago: Demonstrators take part in the No Kings Day protest.

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Florida

Tallahassee, Fla: Anna Marie Shealy dressed as Lady Liberty

Tallahassee, Fla: Anna Marie Shealy dressed as Lady Liberty for the No Kings protest.

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West Palm Beach, Fla.: Palm Beach Sheriff officers keep protesters from crossing a bridge to President Donald Trump's Mar-a-Lago home.

West Palm Beach, Fla.: Palm Beach Sheriff officers keep protesters from crossing a bridge to President Donald Trump’s Mar-a-Lago home.

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 Tallahassee, Fla.: People gather on the grounds of Florida’s old capitol.

Tallahassee, Fla.: People gather on the grounds of Florida’s old capitol.

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France

Paris, France: People holding umbrellas reading save democracy take part in the No Kings  protest.

Paris, France: People holding umbrellas reading save democracy take part in the No Kings protest.

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