China’s regulators have been cracking down on companies like that violate personal privacy and over-collect consumers’ personal data.
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.
Michael Norris from Agency China talks earnings. They go over the quarterly reports from Alibaba, JD, and Tencent, as well as Luckin Coffee’s very impressive report, which sent their stock soaring.
Luckin is under financial pressures as the startup coffee chain is showing signs of overheating.
Luckin’s announcement comes amid its escalating battle with Starbuck for China’s caffeinated drink lovers.