Chinese beverage chain Luckin Coffee released its unaudited financial report for the first half of 2021, posting doubled revenue.
Leadership tumult at Luckin appears to be ongoing even as it moves forward with new business developments, including inviting franchise partners.
Luckin Coffee is striving for a business turnaround and repairing its image after the April 2020 fraud scandal.
The financial update indicates Luckin Coffee is taking the first step back to normalcy as it prepares for a comeback.
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.
Luckin and its partners may receive more fines amid continuing investigations by regulators and investors at home and abroad.
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.
Chinese beverage chain Luckin Coffee replaced founder and former chairman Charles Lu with its acting CEO, Guo Jinyi.
Luckin confirms sales fraud, two months after doubts about the disclosure accuracy by the Chinese Starbucks rival.