Former Luckin CTO Joins Upscale Tea Brand Nayuki

(Source: Lu Zhao/Pandaily)

He Gang, former Chief Technology Officer of Luckin Coffee, has recently joined upscale tea brand Nayuki as the CTO. 36Kr cited a source inside of Luckin that He is mainly responsible for managing the Information Center, a core department of Luckin that is in charge of technology and big data.

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The sources also said that He took a group of former Luckin employees with him when he left the company, including core technology and big data specialists that are based in Beijing and Xiamen, as well as some middle management employees.

He joined Luckin in September 2019, before which he served as Vice President of JD Group and President of JD Cloud. He is the first Luckin executive to leave the company since the financial fraud was exposed. On May 1, the Wall Street Journal cited personal reasons for He’s resignation and stated that he wasn’t involved in the financial fraud.

He’s joining led to the market speculation of Nayuki’s potential IPO plan. A source inside of Nayuki told 36Kr that the company had submitted its prospectus to Nasdaq in early 2020, but the COVID-19 outbreak and Luckin’s abrupt scandal had caused Nayuki to withdraw. In February 2020, Bloomberg also quoted sources saying that Nayuki was considering going public in the United States as soon as this year and raising up to $400 million.

36Kr reported in June that Nayuki is about to complete a round of financing worth nearly 100 million dollars, led by Shenzhen Venture Capital. This is more than two years after its last round of fundraising in March 2018.