We tried Qu Xiaomian, the new noodle chain from the founder of Luckin. It looks to us like it’s just another noodle shop in a crowded market.
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Posted inHeavy Hitters
The Big Sell | Luckin is not dead
A year after getting kicked off Nasdaq, former unicorn Luckin Coffee is still delivering cheap coffee in China.
Posted inNews Feed
Luckin pays $180 million penalty after US court ruling
Luckin Coffee announced Friday that it has paid the $180 million civil penalty agreed to as part of a settlement plan it reached with the US Securities and Exchange Commission (SEC) in December. On February 3, the SEC acknowledged in a notice to the Southern District of New York that Luckin Coffee had satisfied the penalty provisions by making cash payments to the company’s security holders. The US court had ordered the China-based company to pay the civil penalty after it found that Luckin had defrauded investors by inflating its revenues by around $310 million in 2019. [Luckin press release]
Posted inOn the Cusp
Luckin reports doubled revenue in first half of 2021
Chinese beverage chain Luckin Coffee released its unaudited financial report for the first half of 2021, posting doubled revenue.
Posted inNews Feed
US court approves Luckin Coffee’s $460 million debt restructuring plan
A US federal judge in Manhattan has passed Luckin Coffee’s debt restructuring plan for a $460 million bond due 2025. Court documents show that noteholders will get $320 million in cash and new debt. Luckin announced Tuesday that the plan has already won approval from creditors and the grand court of Cayman Islands, where it registered. US court approval means the plan can be implemented in the US. [Bloomberg Law]
Posted inHeavy Hitters
Luckin Coffee files for bankruptcy in the US
Leadership tumult at Luckin appears to be ongoing even as it moves forward with new business developments, including inviting franchise partners.
Posted inUp and Comers
Luckin Coffee reaches $187.5 million settlement deal with investors
Luckin Coffee is striving for a business turnaround and repairing its image after the April 2020 fraud scandal.
Posted inHeavy Hitters
Luckin agrees to $180 million fine for US fraud
Luckin Coffee has agreed to pay a $180 million penalty to settle accounting fraud charges brought by the US market regulator.
Posted inOn the Cusp
Luckin updates 2019 financials in first filing since it admitted fraud
The financial update indicates Luckin Coffee is taking the first step back to normalcy as it prepares for a comeback.
Posted inNews Feed
Luckin Coffee reaches $175 million settlement with US investors
Luckin Coffee has reached a $175 million settlement in a shareholder class-action lawsuit over accounting fraud that broke out last April. Lawyers for the shareholders called the all-cash settlement an “excellent” result, Reuters reported on Wednesday. The settlement still requires approval by a US district judge, and by a Cayman Islands court. [Reuters]
