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.
Luckin responded Monday to fraud allegations from an anonymous report publicized by short seller Muddy Waters on Friday.
Luckin Tea will launch a separate app and a mini-program focused on lower-tier cities.
Alibaba restructures its local services to better compete with Meituan. Nayuki Tea and Dingdong Maicai go public.
Users can locate the nearest coffee machine and place an order through the Luckin app.
China launches an anti-trust probe into Alibaba and summon executives from Ant Group, Luckin continued to grow in 2020, investment into edtech surged.
This is the first time Luckin has sold branded merchandise as it evolves its marketing and branding strategy.
Luckin Coffee and Tencent have been partners since Sept. 2018.
ByteDance joins the annual Spring Festival marketing blowout. Alipay prepares for the 2021 red envelope war. Edtech attracts more investment.
JD.com’s logistics arm sets a price target for its IPO. Tencent, JD.com, and Alibaba’s new food recommendation app.