The Olympics may have been delayed, but we saw a gold medal dive from Luckin Coffee’s shares. Its fraud is a cautionary tale—but about what?
The US Securities and Exchange Commission (SEC) added seventeen US-listed Chinese companies to its provisional delisting list, identified under the Holding Foreign Companies Accountable Act in the US. Some of China’s major tech-related firms are included, such as coffee chain Luckin, electric vehicle maker Li Auto, Q&A platform Zhihu, and online housing firm KE Holdings. The US regulator has given these companies 15 business days to submit evidence to oppose the commission’s charge, with a deadline of May 12.
Luckin and its partners may receive more fines amid continuing investigations by regulators and investors at home and abroad.
Pinduoduo is under fire again for deleting pictures from a user’s photo album without consent. Luckin opens up to franchises in lower-tier cities.
TikTok is planning to roll out a livestream shopping feature, coffee chain Luckin filed for bankruptcy in the US, Vipshop.com is fined RMB 3 million.
Chinese beverage chain Luckin Coffee replaced founder and former chairman Charles Lu with its acting CEO, Guo Jinyi.
For many Chinese tech watchers, the year 2021 can be divided into two distinct periods: before and after Didi’s cybersecurity review.
Luckin confirms sales fraud, two months after doubts about the disclosure accuracy by the Chinese Starbucks rival.
While the CEO and COO take the fall, Luckin non-executive chairman and driving force behind CAR Inc., Lu Zhengyao, remains unscathed.
Embattled coffee chain Luckin disclosed that it had received a second delisting notice from Nasdaq, less than a month after the first.