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Market concerns raised on arrest of JD.com chief

(CRI Online)    07:58, September 04, 2018

JD.com investors are said to be somewhat concerned about what may happen when the NASDAQ opens on Tuesday following the arrest of company chief Liu Qiangdong, better known as Richard Liu, in the US state of Minnesota over the weekend on sexual misconduct allegations.

Liu has since been released, and later returned to China. But the details of the allegations against him have not been forthcoming, JD.com investors are said to be anticipating a sell-off of JD shares on Tuesday when the NASDAQ reopens in New York following the Labor Day long-weekend in the US.

JD.com's share prices have already been taking a hit this year.

After peaking at just over 50 US dollars a share in January, JD shares are now hovering just above 30 dollars, settling on Friday in New York at $30.30.

JD.com has issued a statement, confirming Liu's arrest, suggesting the allegations against the billionaire are false.

JD.com is China's second-largest e-commerce company and the main rival of Alibaba. Google announced a $550 million investment in JD.com in June.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Liang Jun, Bianji)

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