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Luckin agrees to $180 million fine for US fraud

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

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.

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