JD.com Sinks After CEO Detained

Shares of JD.com dropped 4% ahead of Tuesday's opening bell. This after its CEO was detained in the US over the weekend on sexual-misconduct allegations.

Liu Qiangdong is CEO of the Chinese e-commerce giant. He was arrested on Friday night over a sexual-misconduct allegation during a business trip in Minneapolis. Hennepin County Sheriff jail records show that he was released in 16 hours without requiring bail.

JD.com told Business Insider on Sunday that Liu had been falsely accused, and that it "will take the necessary legal action against false reporting or rumors." The company said in a statement on the Chinese micro-blogging site Weibo that Liu has "returned to China to continue work as normal."


Code: CAZSPORT. You need to use promocode. The discount is available only for Sports & Outdoor category.

More videos