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.
Michael, and the hosts, have been bearish on Luckin for quite some time.
Under the revised Securities Law of China, regulators may have some ability to investigate Luckin, which disclosed wide-scale sales revenue fraud.
The astounding fraud admission from beverage chain Luckin has put more US-listed Chinese companies in regulator and short-seller crosshairs.
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.
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.
Trip.com would use Car Inc. to expand their own car rental business.
Last week, the state market regulator fined Luckin and the companies that assisted its sales fraud. New Chinese brands are attracting investor attention.
Who is Luckin chairman Charles Lu, and why is he still running the show after the company admitted to major revenue fraud?
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.