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COMING UP:Share Opener Variant 4



ina's on Monday said, its billionaire CEO is back in Beijing days after he was arrested by police in Minneapolis on suspicion of criminal sexual conduct. Richard Liu was released on Saturday but police said an investigation is ongoing. The Chinese e-commerce giant said the accusation against the 45-year-old CEO was unsubstantiated, and a Minnesota-based lawyer for Liu said he denies any wrong doing, and added he does not expect his client to be charged noting that Liu was allowed to return to China.
The Minneapolis Police Department declined to provide details of the arrest. But the Financial Times citing two people with direct knowledge of the matter reported that the case involved a Chinese student at the University of Minnesota where Liu is enrolled in the school's Doctor of Business Administration Program. The case makes Liu the highest profile Chinese business person to be accused publicly of sexual misconduct.
And his arrest was the most discussed topic on Chinese social media on Monday. Liu has a net worth of $7.9 billion according to Forbes. And his company is one China's biggest tech heavyweights, competing with larger rival Alibaba. is also backed by Walmart, Alphabet's Google, and China's Tencent Holdings.