Leadership tumult at Luckin appears to be ongoing even as it moves forward with new business developments, including inviting franchise partners.
Luckin Coffee has agreed to pay a $180 million penalty to settle accounting fraud charges brought by the US market regulator.
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.
Pinduoduo is under fire again for deleting pictures from a user’s photo album without consent. Luckin opens up to franchises in lower-tier cities.
Ele.me is criticized for its treatment of the family of a deliveryman who died on the job. The US may ban American investors from Alibaba and Tencent.
Last week, the state market regulator fined Luckin and the companies that assisted its sales fraud. New Chinese brands are attracting investor attention.
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 astounding fraud admission from beverage chain Luckin has put more US-listed Chinese companies in regulator and short-seller crosshairs.
Luckin confirms sales fraud, two months after doubts about the disclosure accuracy by the Chinese Starbucks rival.
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.