Luckin Coffee appointed Guo Jinyi, a board director and former acting CEO, as chairman and CEO in replacement of its co-founder and former chairman Charles Zhengyao Lu.
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Luckin Coffee Inc.’s shareholders voted to dismiss its chairman Charles Zhengyao Lu, days after the board of directors failed to do so.
SAIC Motor Corp. Ltd reached an agreement to buy 28.92% of the share of car rental service provider Car Inc at the price of HK$ 1.9 billion.
Luckin Coffee Inc. said Thursday that its co-founder Charles Zhengyao Lu will remain chairman, after the board of directors failed to oust him.
Luckin Coffee announced Wednesday that an internal investigation of its financial misconduct found the company inflated its 2019 net revenue by approximately 2.12 billion yuan ($300 million).
While Fraud-hit Luckin Coffee Shares will be suspended from Nasdaq, Luckin Coffee continues to provide quality products and services to its customers.
Shares of Chinese coffee chain Luckin Coffee dropped 17 percent during premarket trading on Tuesday after the company announced it received a delisting notice from Nasdaq.
Luckin Lenders won an order to wind down two entities owned by Lu Zhengyao, Chairman of Luckin Coffee.
UCAR Inc announced Wednesday that all 270 million shares held by Chairman Lu Zhengyao have been judicially frozen by the Beijing First Intermediate People's Court until April 2023.
Luckin Coffee chairman Lu Zhengyao resigned on Tuesday from the board of China Auto Rental Co., Ltd. (CAR), Tencent Finance reported.
While authorities found Luckin Coffee Inc paid taxes on bogus transactions, its CEO said their business model is correct and willing to participate in any investigations.
Luckin Coffee shares took a 36% dive on Wednesday after the company resumed trading on Nasdaq, following a delisting notice from the exchange on grounds of financial fraud.
Chinese coffeehouse chain Luckin Coffee fired its CEO and COO amid an investigation into the company’s accounting scandal.
Having faked its revenue numbers, Luckin became a laughing stock of a unicorn, with analysts on both sides of the pond contemplating over what outcomes this situation will have on a larger scale for Chinese businesses abroad.
The CSRC has sent an investigative team to inquire into fraud allegations against Luckin Coffee. Several auditors are currently inspecting Luckin’s financial situation.