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.
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.
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.
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.
The astounding fraud admission from beverage chain Luckin has put more US-listed Chinese companies in regulator and short-seller crosshairs.
Last week, the state market regulator fined Luckin and the companies that assisted its sales fraud. New Chinese brands are attracting investor attention.
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.