JD.com sinks after CEO Liu Qiangdong was absent from a high-profile internet conference in China (JD)

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JD.com Liu qiangdong

  • JD.com CEO Liu Qiangdong was& briefly& detained in Minneapolis, Minnesota, over a rape allegation in August.
  • Since then, he has been absent from several high-profile events in China.
  • Liu didn't show up to the World Internet Conference on Wednesday.
  • JD.com shares fell almost 7%.
  • Watch JD.com trade live.

JD.com, the second largest Chinese e-commerce& site after Alibaba, fell nearly 7% Thursday after CEO Liu Qiangdong,& who is the subject of a rape investigation in the US,& didn't show up at a major state-sponsored internet conference in China.&

Liu was absent from the World Internet Conference, which opened Wednesday in Wuzhen, China. In recent years, the event had been a gathering of Chinese IT leaders, such as the founders and CEOs of Alibaba, Tencent, Baidu, and JD.com. This year, Chinese President Xi Jinping sent a congratulatory letter that was read at the event opening.

It was not the first time Liu was a no-show& at a high-profile event since he was briefly detained over a rape allegation in Minneapolis, Minnesota in August.& Last month, Liu was not among the top business leaders invited to meet with Xi at a symposium. In late September, Liu also didn't appear at the AI World 2018 conference in Shanghai.

Liu,& a Chinese billionaire, was arrested when he was participating in a business management course at the University of Minnesota. He was released without bail requirement. The allegation against Liu claims that he forced himself on a student after a night of heavy drinking, and raped the student without her consent.& Liu, through his attorney, has denied any wrongdoing.&

Liu's net worth sank has plunged 34% this year to $6.2 billion, as JD.com& shares have fallen sharply since peaking in January. Liu fell from the 16th place to 30th on& Forbes' recently published list of China's richest people.

JD.com was down 48% this year through Thursday.

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