Authorities in Minneapolis declined to move forward with charges against JD.com (JD) - Get Report CEO Richard Liu, removing a cloud that was hanging over one of China's largest e-commerce platforms.  

Shares of JD.com, which have suffered in part on concerns over what would happen to the company without its charismatic founder and CEO, were up almost 6% to $21.06 on Friday following the announcement. JD.com's stock is still down almost 50% for the year.

Liu was arrested in Minneapolis in August on charges of sexually assaulting a 21-year-old female college student. At the time, Liu was attending a program for Chinese business executives at the University of Minnesota. The case has been closely watched in China. 

Authorities said that the evidence gathered in their investigation was not strong enough to meet their burden of proof, and so they were not moving ahead with charges against Liu.