Chinese Billionaire Accused of Sex Misconduct Unlikely to Face Charges, Lawyer Says

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"He has been released without any charges and without requirement for bail", a spokeswoman for the company said in a statement.

Investors flinched slightly at the news Friday of Liu's arrest, but JD.com stock value had rebounded by the end of the day.

The company said police did not find evidence of wrongdoing and Liu will continue his trip as planned.

Police said the investigation was active and would not confirm details of the arrest or the allegations against the 45-year-old billionaire. He declined to say where in Minneapolis Liu was arrested or what Liu was accused of doing.

"We are confident that we will be able to get in touch with him as the time becomes necessary", Elder told the Wall Street Journal.

China's Foreign Ministry said Monday it had launched an investigation into the circumstances of the chief executive's arrest.

"Such allegations about Liu Qiangdong sexually assaulting female students are inaccurate, and the CEO will continue his trip in the USA as planned", said the statement, adding JD.com will take legal action against "false reports and rumor mongering".

Richard Liu, CEO of JD.com, was arrested Friday evening by Minneapolis police, according to Hennepin County, Minn., jail records.

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JD.com said the accusations were false and unsubstantiated.

JD.com is China's second-largest online shopping site after Alibaba.

Liu is the founder of JD.com, one of China's most popular e-commerce sites.

In that case, Liu had hosted a party in late 2015 at his luxury home in Sydney, after which one of his guests accused another guest of sexually assaulting her at a hotel. Liu was not charged or accused of any misconduct, however, he did end up losing a legal battle earlier this year to keep his name out of the records and the press.

Zhang, described by Chinese media as 24, shot to fame while a student in 2009 when a photo of her holding a cup of milk tea went viral, giving her the nickname "Sister Milk Tea".

Longwei Xu, a property developer, was later found guilty of seven counts.

Liu was apparently in Minneapolis because he is enrolled as a student at the University of Minnesota's Carlson School of Management in its Doctor of Business Administration China program.

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