For many Chinese tech watchers, the year 2021 can be divided into two distinct periods: before and after Didi’s cybersecurity review.
If the deal proceeds, Luckin founder Charles Lu and his family will receive up to HK$1.37 billion, likely to be put toward the company’s cash crunch.
Under the revised Securities Law of China, regulators may have some ability to investigate Luckin, which disclosed wide-scale sales revenue fraud.
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.
This is the first time Luckin has sold branded merchandise as it evolves its marketing and branding strategy.
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.
China fined five community group-buy platforms for price dumping, the “she economy” is on the rise as modern Chinese women power growth.
Suzhou lottery winners can spend their RMB 200 of the digital yuan at JD.com, Didi, Meituan, or Bilibili—or pay their Party dues.