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Luckin coffee fraud falsified starbucks
Posted inHeavy Hitters

Luckin agrees to $180 million fine for US fraud

by Emma Lee Dec 18, 2020Dec 18, 2020

Luckin Coffee has agreed to pay a $180 million penalty to settle accounting fraud charges brought by the US market regulator.

luckin coffee starbucks vending machine fraud privacy apps
Posted inOn the Cusp

Luckin names new chairman and CEO in power shakeup

by Emma Lee Jul 14, 2020Jul 14, 2020

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

Luckin Coffee fraud starbucks
Posted inOn the Cusp

Luckin apologizes to staff after month-long fraud tumult 

by Emma Lee May 13, 2020May 13, 2020

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.

luckin coffee starbucks vending machine fraud privacy apps
Posted inHeavy Hitters

Luckin CEO loses ‘significant’ voting rights after loan default

by Emma Lee Apr 7, 2020Apr 9, 2020

The default followed almost immediately after Luckin disclosed that its head of operations had fabricated billions of RMB worth of sales for most of 2019.

mobility china wuhan covid-19 luckin coffee car inc saic ride-hailing
Posted inHeavy Hitters

China’s SAIC to take over Luckin founder’s car business

by Jill Shen Jul 3, 2020Jul 3, 2020

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.

Luckin coffee fraud falsified starbucks
Posted inHeavy Hitters

Luckin shares dip further despite refuting fraud claims

by Emma Lee Feb 4, 2020Mar 17, 2020

Luckin responded Monday to fraud allegations from an anonymous report publicized by short seller Muddy Waters on Friday.

Naixue's Tea
Posted inUp and Comers

Luckin tea rival brewing $400 million US IPO: report

by Emma Lee Feb 27, 2020Mar 17, 2020

Naixue’s Tea, one of China’s largest tea beverage chains, is reportedly looking to raise $400 million in a US IPO as early as this year.

luckin coffee starbucks vending machine fraud privacy apps
Posted inHeavy Hitters

Luckin may face shareholder fraud lawsuit

by Emma Lee Mar 6, 2020Mar 17, 2020

Luckin is being investigated in the US for defrauding investors amid pressing concerns to recoup a dropoff in sales as a result of Covid-19.

Heytea bubble investment series hillhouse valuation
Posted inOn the Cusp

Tea is the new coffee: Bubble tea chain gets $2.3 billion valuation

by Emma Lee Mar 24, 2020Mar 24, 2020

Heytea started out in southern China’s Guangdong province in 2012 and later expanded to most tier-one and tier-two cities in China.

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