JD.com VIE info and shareholders voting power

Over the weekend Barron’s had an article about why JD.com shares offer a better deal compared to Alibaba’s. Couple of other key facts to consider as well -

  • Barron’s article mentioned about Tencent and Walmart’s share ownership, but did not provide the details about the voting power of the key shareholders
  • Following image captures the key shareholder and their voting power %
  • Tencent (Huang River Investment Limited) owns 18.1% of the shares, but their voting power is 4.4%
  • Walmart owns 10.1% of the shares, but their voting power is 2.5%
  • Top 5 principal shareholders (including the Richard Liu’s Max Smart Limited) account for about ~89% of the voting power
  • For JD, the revenue contribution from their Variable Interest Entity structure (VIE) is only about 3%

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