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Luckin names new chairman and CEO in power shakeup

Chinese beverage chain Luckin Coffee replaced founder and former chairman Charles Lu with its acting CEO, Guo Jinyi.

Luckin apologized to its employees for the upheaval following its fraud admission in early April, and on the same day removed its CEO and COO.

The IPO filing comes less a week after the company’s $150 million Series B+ that raised its valuation to $2.9 billion.

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