JD.com sinks after CEO Liu Qiangdong was absent from a high-profile internet conference in China
- 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.
Now read:
- JD.com CEO plunged from 16th to 30th richest man in China after being arrested in the US over a rape accusation
- A Chinese tech billionaire has been accused of plying a student with drink and then forcing himself on her during a trip to the US
