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US court approves Luckin Coffee’s $460 million debt restructuring plan

A US federal judge in Manhattan has passed Luckin Coffee’s debt restructuring plan for a $460 million bond due 2025. Court documents show that noteholders will get $320 million in cash and new debt. Luckin announced Tuesday that the plan has already won approval from creditors and the grand court of Cayman Islands, where it registered. US court approval means the plan can be implemented in the US. [Bloomberg Law]

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Tencent’s WeChat Pay links with UnionPay’s Cloud QuickPass

Tencent’s WeChat Pay announced Thursday that it is now accessible by Cloud QuickPass, the mobile payment service of state-backed UnionPay. The tie-up enables QuickPass users to make payments by scanning WeChat Pay QR codes offline, and for WeChat Pay users to do the same with QuickPass codes. QuickPass payment now supports some Tencent services, such as its music and video streaming apps, as well as WeChat mini-programs for WeChat Read, JD, and Luckin. [WeChat Pay press release, in Chinese]

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Short-seller accuses Chinese housing broker Ke Holdings of accounting fraud

On Thursday, Muddy Waters accused Chinese housing broker Ke Holdings of reporting inflated gross transaction volume (GTV) and revenue. The short seller compared Ke Holdings to coffee chain Luckin, claiming that the company has inflated its new home GTV by over 126% and its commission revenues by approximately 77% to 96%. In a Thursday response, Ke Holdings refuted the fraud claims, calling the report lacking a basic understanding and rightful reading of the company’s financial reports. The New York-listed firm said it welcomes any investigation and will respond to the accusations in detail within 24 hours. [Muddy Waters report]