A year after getting kicked off Nasdaq, former unicorn Luckin Coffee is still delivering cheap coffee in China.
The astounding fraud admission from beverage chain Luckin has put more US-listed Chinese companies in regulator and short-seller crosshairs.
While the CEO and COO take the fall, Luckin non-executive chairman and driving force behind CAR Inc., Lu Zhengyao, remains unscathed.
China’s Beijing Automotive Group (BAIC) is seeking to buy a stake of up to 21.26% in Car Inc, a Hong Kong-listed car rental company formed by Luckin Coffee chairman Charles Lu.
Luckin Tea will launch a separate app and a mini-program focused on lower-tier cities.
Users can locate the nearest coffee machine and place an order through the Luckin app.
Delivery giants Meituan and Ele.me stand to benefit from the coffee giants’ latest battle
Luckin Coffee and Tencent have been partners since Sept. 2018.
Coffee competition expands to second-and third-tier cities in China.