The astounding fraud admission from beverage chain Luckin has put more US-listed Chinese companies in regulator and short-seller crosshairs.
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Posted inHeavy Hitters
Luckin fires CEO and COO, chairman remains untouched
While the CEO and COO take the fall, Luckin non-executive chairman and driving force behind CAR Inc., Lu Zhengyao, remains unscathed.
Posted inWith Chinese Characteristics
Luckin might have its app removed from app stores
China’s regulators have been cracking down on companies like that violate personal privacy and over-collect consumers’ personal data.
Posted inHeavy Hitters
Car Inc may soon exit the Charles Lu family
China’s Beijing Automotive Group (BAIC) is seeking to buy a stake of up to 21.26% in Car Inc, a Hong Kong-listed car rental company formed by Luckin Coffee chairman Charles Lu.
Posted inHeavy Hitters
Luckin Coffee to spin off tea brand
Luckin Tea will launch a separate app and a mini-program focused on lower-tier cities.
Posted inThe Numbers
Luckin’s net losses doubled in Q2 as cash-burning continues
Shares slid overnight after losses hit nearly $100 million in the quarter.
Posted inHeavy Hitters
Luckin Coffee testing self-service coffee machines
Users can locate the nearest coffee machine and place an order through the Luckin app.
Posted inOn the Cusp
Luckin sets up QQ-themed store with Tencent to tap nostalgic Chinese millennials
Luckin Coffee and Tencent have been partners since Sept. 2018.
Posted inTurf Wars
Briefing: Luckin Coffee rumored to seek Hong Kong IPO
The company is currently worth $2.2 billion following a $200 million round of funding in December.
Posted inOn the Cusp
Luckin offers $6.7 million in assets as lease collateral, signaling money woes
Luckin is under financial pressures as the startup coffee chain is showing signs of overheating.
