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.
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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 inOn the Cusp
Trip.com wants to buy Luckin co-founder’s car rental platform
Trip.com would use Car Inc. to expand their own car rental business.
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 inOn the Cusp
Starbucks rival Luckin Coffee files for US IPO
The IPO filing comes less a week after the company’s $150 million Series B+ that raised its valuation to $2.9 billion.
Posted inOn the Cusp
Briefing: Starbucks China challenger Luckin aiming for $586.5 million IPO
The IPO filing comes a week after the company’s $150 million Series B+ that is raised at a valuation of $2.9 billion.
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 inOn the Cusp
Briefing: Starbucks China rival Luckin upsizes US IPO to raise $561 million
Its rapid, capital-fueled growth and widening losses leave the question of sustainability open for debate.
Posted inOn the Cusp
US-listed Chinese tech companies face steep selloff as delisting concerns loom
Some analysts think the SEC’s move is more about politics than financials. The delist might grow as more companies report earnings.
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.
