The astounding fraud admission from beverage chain Luckin has put more US-listed Chinese companies in regulator and short-seller crosshairs.
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.
Last week, the state market regulator fined Luckin and the companies that assisted its sales fraud. New Chinese brands are attracting investor attention.
Trip.com would use Car Inc. to expand their own car rental business.
Who is Luckin chairman Charles Lu, and why is he still running the show after the company admitted to major revenue fraud?
The CEO, COO, and many other employees of China coffee chain Luckin Coffee have been fired after the company admitted to accounting fraud in April.
‘If there’s anything to be learned about Luckin Coffee, it’s that there’s always more than meets the eye.’ Luckin skeptic Michael Norris has more questions.
Charles Lu may still face a shareholder vote on to remove him as a director during an extraordinary general meeting to be held on Sunday.
The IPO filing comes less a week after the company’s $150 million Series B+ that raised its valuation to $2.9 billion.
Chinese consumers have reacted positively to the brand, which positions itself as an alternative to Starbucks.