Leadership tumult at Luckin appears to be ongoing even as it moves forward with new business developments, including inviting franchise partners.
TikTok is planning to roll out a livestream shopping feature, coffee chain Luckin filed for bankruptcy in the US, Vipshop.com is fined RMB 3 million.
Luckin confirms sales fraud, two months after doubts about the disclosure accuracy by the Chinese Starbucks rival.
Luckin may be kicked off Nasdaq over fraud admission as board seeks to rein in shady listings. Delisting would put Luckin in the company of penny stocks.
The default followed almost immediately after Luckin disclosed that its head of operations had fabricated billions of RMB worth of sales for most of 2019.
If the deal proceeds, Luckin founder Charles Lu and his family will receive up to HK$1.37 billion, likely to be put toward the company’s cash crunch.
Luckin is being investigated in the US for defrauding investors amid pressing concerns to recoup a dropoff in sales as a result of Covid-19.
The news also immediately comes after a delivery partnership between Luckin and Meituan was announced in December 2018.
This is the first time Luckin has sold branded merchandise as it evolves its marketing and branding strategy.