Internet bigwigs have "retired". After Alibaba Ma Yun, pinduoduo Huang Zheng and Zhang Yiming announced their retirement from the "second tier", Jingdong Liu qiangdong also recently announced his resignation as CEO. Under the background of repeated epidemics and more uncertainties in the international environment and regulatory policies, Liu qiangdong's resignation at this time is thought-provoking. Insiders pointed out that the collective alternation of those in power of Internet leading enterprises symbolizes the end of one era and the opening of another. At present, a large number of domestic Internet giants are actively shrinking the front. The industry believes that the traditional rough development model relying on traffic and capital dividends is unsustainable. Today's Internet companies urgently need to take a high-quality technical development route. (picture from Hailuo) Liu qiangdong leaves office In the morning of April 7, JD group announced that Xu Lei, President of JD group, would succeed Liu qiangdong as CEO of JD group. Meanwhile, Xu Lei will join the board of directors of JD group as an executive director. Liu qiangdong will continue to serve as the chairman of the board of directors and be committed to the company's long-term strategic design, major strategic decisions and deployment, young leading talent training and Rural Revitalization. However, after stepping down as CEO, Liu qiangdong still controls JD's overall development planning and enterprise positioning. Previously, the equity data disclosed by JD showed that Liu qiangdong held 434.5 million shares of JD, accounting for 13.9%, but accounting for 76.9% of the total voting rights. Among them, maxsmartlimited holds 13.5% and has 72.9% voting rights. Tencent holds 16.9% shares through Yellow River Investment Co., Ltd., with 4.6% voting rights; Wal Mart owns 9.3% and has 2.5% voting rights. On February 3, 2022, JD announced that Liu qiangdong, chairman of the board of directors, would donate 62376600 class B common shares to a third-party foundation for charitable purposes, and had submitted relevant documents to the U.S. Securities and Exchange Commission. According to different voting right structures, JD's share capital includes class a ordinary shares and class B ordinary shares. Holders of class a ordinary shares may vote one vote per share, while holders of class B ordinary shares may vote 20 votes per share. After this donation, Liu qiangdong's shares were reduced to 360 million shares, which is still higher than Wal Mart, and the voting rights are still dominant. Xu Lei takes over as CEO of jd.com Xu Lei has joined Jingdong group for more than 10 years. According to the Q3 financial report of Jingdong in 2019, under the leadership of Xu Lei, Jingdong's retail operating profit margin increased to 3.3%, the highest since its listing. In addition, Xu Lei led the construction of Jingdong's marketing and public relations system and platform operation system, and led the design of Jingdong 618 marketing activities. At present, 618 has become one of the landmark events of China's economy every year. During Xu Lei's more than ten years in Jingdong, the scale of Jingdong's revenue has been close to trillion. JD group previously released its 2021 financial report, which showed that its net income reached 951.6 billion yuan last year, a year-on-year increase of 27.6%, and the number of annual active users reached 570 million. However, last year, JD group turned profit into loss, and the net loss attributable to common shareholders in the current period was 3.56 billion yuan. Xu Lei tuyuan Jingdong blackboard newspaper Anxin Securities said that under the weak trend of overall domestic consumption, JD still maintains the growth vitality of revenue and users, and the toughness of performance is obvious. At the same time, the implementation of market sinking strategy and the scale effect of JD retail and logistics make the medium-term growth prospect clearer. According to the first financial report, before joining jd.com, Xu Lei was responsible for the brand and product network promotion of Lenovo Group in Lenovo, and later held several senior management positions in marketing and operation in Haoye advertising network and Belle e-commerce. In 2009, Xu Lei joined jd.com and successively held several leadership positions in the sales and marketing department of jd.com retail, including the person in charge of marketing and brand, the person in charge of jd.com wireless business department and the person in charge of platform operation. In April 2017, Xu Lei became the CMO of JD group and reported to Liu qiangdong. On July 16, 2018, Jingdong Mall announced the implementation of the rotating CEO system, and Xu Lei, CMO of Jingdong group, concurrently served as the first rotating CEO of Jingdong Mall. "Maverick" is Xu Lei's label. Previously, it was rumored that Xu Lei only asked one question "which team do you like in the Premier League?" Xu Lei really attracted wide attention at the 2019 Jingdong Mall annual meeting. On January 19, 2019, Jingdong Mall held its annual meeting. Xu Lei, the rotating CEO of Jingdong Mall, became the keynote speaker, which attracted the attention of the outside world. In the past, the keynote speaker of the annual meeting was usually Liu qiangdong. Xu Lei said at the annual meeting that the business philosophy of Jingdong Mall is "value creation based on trust and customer-centered". After the annual meeting, it was speculated that Xu Lei was trained as the second leader. Xu Lei then responded on his microblog that he didn't associate too much. On Xu Lei's report card, when he was the first CEO of JD retail, Xu Lei established the business philosophy of "trust based and customer-centered value creation", led the retail business to achieve high-quality growth for several consecutive years, launched the medium platform construction of supply chain and omni channel strategy, and accelerated the cultivation of JD's new growth curve. In addition, Xu Lei led to build JD's marketing and public relations system and platform operation system, which promoted JD's strategic transformation to mobility. He also led the design of Jingdong 618 marketing activities and took the lead in opening up Jingdong's supply chain capabilities. Xu Lei is also a director of dada group and everything new group. Since 2019, Xu Lei has become more and more prominent in Jingdong's activities. Liu qiangdong, the founder of the group, did not attend the listing of JD health and JD logistics in Hong Kong. Xu Shilei, CEO of Jingdong retail, stood at the listing ceremony of Jingdong. In addition, after 2019, Xu Lei also became the main speaker at the earnings conference call. Why do Internet bigwigs retire one after another Since 2021, many founders of Internet giants have announced their commitment to a longer-term career. In March 2021, Huang Zheng, founder of pinduoduo, stepped down as chairman of pinduoduo, and Chen Lei, co-founder and CEO, took over. In May and November 2021, Zhang Yiming, the founder of byte beat, stepped down as CEO and chairman of the board of directors successively, and Liang Rubo, the co-founder, took over. Looking back, in 2013, Jack Ma resigned as CEO of Alibaba group. Six years later, at Alibaba's 20th anniversary celebration, on his 55th birthday, Ma Yun officially announced his retirement and stepped down as chairman of the board of directors of Alibaba group. The company was fully managed by Zhang Yong. According to the analysis of the securities times, the "retirement" of Internet leaders is more like the transformation of the founders. The Internet competition is becoming increasingly fierce, and the competition between enterprises has changed from the "tactical" level to the "strategic" level. At the same time, for Internet enterprises, reducing personal influence is actually conducive to improving the company's organizational structure, ensuring the long-term development of enterprises and maintaining vitality and innovation. What will be the future share price of Internet companies Since February 2021, affected by many internal and external factors, the share prices of Internet giants have generally experienced major adjustments. What will the stock price trend be in the future? Wu Renhao, a partner of Gaoyi assets and senior fund manager, said in recent foreign exchanges that looking forward to the future, the impact of the policy side on the Internet industry will be smaller than that in 2021. On the other hand, since 2021, most Internet companies have fallen by more than 70%. They are not simply pessimistic that the industry will no longer have growth power after strict supervision, nor blindly optimistic that the industry will inevitably usher in a sustained systematic and comprehensive rise after the sharp decline. The agency said it would more objectively identify enterprises that have laid the basic framework for social infrastructure and have not yet reached the growth ceiling. In the context of small overall Internet penetration space, companies that can comply with the new regulatory framework and regain performance growth can assess how much upward space there is at the current market value level. What we expect is the sustained growth brought by the recovery of performance growth. Shanghai Securities News recently quoted Dong Chengfei after "going private" as saying that Internet enterprises currently have both positive and negative factors. In his opinion, although the worst policy has passed, the Internet dividend period has also ended. This industry will change from the original growth industry to a mature industry. Many businesses have been limited and constrained, and the overall development potential is not as good as before; The positive factor is that at present, this sector is already in the bottom area, and the head Internet companies have a stable market position and stable cash flow, which will bring good returns in the future. Investors should not hold the previous idea, appropriately reduce the expected rate of return and consider it for a long time. It is worth noting that although the heads of several Internet companies announced their "retirement", most people actually retreat and make progress. In March 2021, Huang Zheng, founder of pinduoduo, said that after resigning as chairman, he would devote himself to basic research in the field of food science and life science. In May 2021, Zhang Yiming, the founder of the company, issued an internal letter to all staff, announcing his resignation as CEO. In this internal letter, Zhang Yiming decided to put aside the company's daily management and focus on long-term important issues such as vision strategy, corporate culture and social responsibility. He planned to "relatively focus on learning knowledge, systematic thinking, studying new things, hands-on trying and experience, and create more possibilities for the company for a period of ten years". Previously, Liu qiangdong not only personally led the preparation of JD capital, but also participated in the investment of Sequoia China, Qiji Chuangtan, Shiyu capital, Gaorong capital and other funds with his wife Zhang Zetian, which seems to be laying out a larger game of chess. (Xinhua News Agency)