The top three shareholders of Jingdong are Tencent, the second place Liu Qiangdong, and the third place Wal-Mart. Because the Jingdong main company is located in Cayman, it is listed in the US, and the exchange is on NASDAQ, so it can take double-layer. Equity structure, that is, the AB stock model
The so-called AB-share model, the stock will be divided into two series, A and B. Among them, the A-series common stock issued by the external investors has 1 vote each, while the management-held B-series common stock has N per share. Vote (usually 10 votes) voting rights.
A Class A stock with 20 votes in Jingdong can be equal to 1 Class B stock. Liu Qiangdong holds Class B shares. According to the agreement, as long as he continues to serve as Jingdong CEO, his Class B stocks have been valid and can be absolutely controlled by Jingdong.