Liu Qiangdong, chief executive of China's e-commerce company JD.com, will not face sexual assault charges after his arrest in the US in September.
Prosecutors said they did not find enough evidence to indict Liu after he was accused of raping a Chinese student at the University of Minnesota.
He denied the irregularities and was released less than a day later to return to China.
JD.com is one of the largest e-commerce sites in China.
"As is the case in many incidents of sexual assault, it was a complicated situation," Hennepin County lawyer Mike Freeman said in a statement.
The county said there are "profound evidential problems" that would have proven the claims in court as "highly unlikely".
- JD.com chief Liu was charged with rape –
Liu, 45, was taking courses at the University's Carlson School of Management when the allegations were made.
He and a group of friends went to a meal on August 30, which the young lady also attended.
The police were called to a friend of the woman on 31 August and Mr. Liu was arrested the next day.
Evidence from cameras used by police officers, however, "does not support criminal charges in this case," the statement said.
"It has nothing to do with Liu's status as a wealthy foreign businessman," he added.
According to Forbes, Mr. Liu currently has a net worth of $ 5.3 billion (£ 4.2 billion).
His arrest caused shock in China, where people speculated on the social media that Mr. Liu had created.
The company faced recent problems, announcing in November that its customer base had shrunk for the first time since 2014.
His actions hit a 18-month low in the week after his arrest.