Chinese beverage chain Luckin Coffee replaced founder and former chairman Charles Lu with its acting CEO, Guo Jinyi.
Luckin apologizes to staff after month-long fraud tumult
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.
Starbucks rival Luckin Coffee files for US IPO
The IPO filing comes less a week after the company’s $150 million Series B+ that raised its valuation to $2.9 billion.