Chinese beverage chain Luckin Coffee replaced founder and former chairman Charles Lu with its acting CEO, Guo Jinyi.
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Posted inHeavy Hitters
Luckin Coffee admits to sales fraud
Luckin confirms sales fraud, two months after doubts about the disclosure accuracy by the Chinese Starbucks rival.
Posted inOn the Cusp
Luckin shares plunge 12% on second delisting warning
Embattled coffee chain Luckin disclosed that it had received a second delisting notice from Nasdaq, less than a month after the first.
Posted inHeavy Hitters
Luckin faces effort to delist company from Nasdaq
Luckin may be kicked off Nasdaq over fraud admission as board seeks to rein in shady listings. Delisting would put Luckin in the company of penny stocks.
Posted inWith Chinese Characteristics
Luckin fraud may be out of Chinese regulator’s reach
Under the revised Securities Law of China, regulators may have some ability to investigate Luckin, which disclosed wide-scale sales revenue fraud.
Posted inHeavy Hitters
Ele.me faces backlash, Luckin coup: Retailheads
Ele.me is criticized for its treatment of the family of a deliveryman who died on the job. The US may ban American investors from Alibaba and Tencent.
Posted inHeavy Hitters
China’s top regulators are investigating Luckin Coffee
The astounding fraud admission from beverage chain Luckin has put more US-listed Chinese companies in regulator and short-seller crosshairs.
Posted inOn the Cusp
Luckin apologizes to staff after month-long fraud tumult
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.
Posted inHeavy Hitters
Luckin fined, VCs seek out new Chinese brands: Retailheads
Last week, the state market regulator fined Luckin and the companies that assisted its sales fraud. New Chinese brands are attracting investor attention.
Posted inOn the Cusp
Charles Lu: The man behind Luckin and China’s fastest IPOs
Who is Luckin chairman Charles Lu, and why is he still running the show after the company admitted to major revenue fraud?
