Under the revised Securities Law of China, regulators may have some ability to investigate Luckin, which disclosed wide-scale sales revenue fraud.
Lawyer of these Luckin investors said it is the first time investors have tried to hold a company accountable in China for fraud perpetrated on US markets.
After Luckin Coffee’s spectacular admission of fraud, more Chinese companies are finding themselves in the crosshairs of regulators and short sellers.
Luckin is under financial pressures as the startup coffee chain is showing signs of overheating.
This is the first time Luckin has sold branded merchandise as it evolves its marketing and branding strategy.
Luckin’s announcement comes amid its escalating battle with Starbuck for China’s caffeinated drink lovers.
China fined five community group-buy platforms for price dumping, the “she economy” is on the rise as modern Chinese women power growth.
Tech stocks are down following an epidemic. Luckin Coffee’s stock has suffered the most, as mask manufacturers’ share prices rise.