On the evening of Jan. 6, it was reported that middle and senior executives of Luckin Coffee signed a joint letter, accusing the current chairman and CEO Guo Jinyi.
The performance fraud scandal has put the spotlight on Luckin Coffee’s sales data, and the latest has just been disclosed.
On Dec. 16, the SEC announced that the accounting-fraudulent Luckin Coffee Inc. agreed to pay a $180 million penalty for previous charges concerning the company’s fabricated transactions.
China’s market regulator disclosed yesterday the penalty of fines of 2 million yuan ($300,000) each for Luckin Coffee and four other associated companies for their 123 million fake orders fabricated through fake transactions, fake bank statements and other illegal measures.
The State Administration for Market Regulation announced on Tuesday morning that it has fined two Luckin entities and 43 third-party companies a combined 61 million yuan (around $9 million).
Last Thursday, Chinese coffee brand Coffee Box published an article explaining why it stayed silent despite the market rumors and how its future business models will be deployed.
Luckin Coffee Inc. reportedly achieved positive cash flow per store in July, except for roughly 300 stores located at universities that have been closed due to the COVID-19 pandemic.
Two newly-appointed directors resigned on Monday while Luckin will consider the re-appointment of Sean Shao as a director of the company.
He Gang, former Chief Technology Officer of Luckin Coffee, has recently joined upscale tea brand Nayuki as the CTO.
Chinese leading upscale tea chain HeyTea is marching into the realm of healthy ready-to-drink products with 3 fruit tea sodas.
Luckin Coffee appointed Guo Jinyi, a board director and former acting CEO, as chairman and CEO in replacement of its co-founder and former chairman Charles Zhengyao Lu.
Luckin Coffee Inc.’s shareholders voted to dismiss its chairman Charles Zhengyao Lu, days after the board of directors failed to do so.
SAIC Motor Corp. Ltd reached an agreement to buy 28.92% of the share of car rental service provider Car Inc at the price of HK$ 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).