Luckin Coffee issued an official apology statement on Weibo regarding the recent fraud allegations that saw the company’s stock dip nearly 80%.
An internal investigation by Luckin Coffee has revealed that hundreds of millions of dollars of sales in 2019 were “fabricated”, wiping almost 75 percent from the value of the company.
Luckin Coffee opened an online store on its app and WeChat mini program, selling a wide range of products at discounted prices.
Shares of Luckin Coffee, Chinese coffee retail chain, rose 15.6% to $36.24 in afternoon trading on Tuesday, closing at $36.63 after hours.
Luckin Coffee released their third quarter 2019 earnings report indicating a 540.2% year-on-year revenue growth with 1.5 billion yuan.
It seems like any person at least moderately familiar with China would know that it’s a realm of tea.
Luckin Coffee, the company that is mainly known in the West for giving Starbucks a really hard time in China, is more than just another gastronomic novelty, it’s a phenomenon that reveals a lot about the changing nature of Chinese consumption.
Luckin Coffee, the Starbucks challenger in China, is seeking to raise up to $510 million in the U.S. initial public offering (IPO).
On April 23, Luckin Coffee, the Chinese Starbucks challenger, filed for official IPO to the U.S. Security Exchange Commission, with the ticker symbol 'LK'.
Luckin Coffee announced today that it has received additional $150 million new investments based on the Series B-round financing that was completed in November 2018. The company was valued at $2.9 billion after the investment.
Luckin Coffee, the Beijing-based Starbucks challenger, registered RMB 45 million ($6.7 million) worth of movable assets as collateral to Zhongguancun Sci-Tech Leasing, according to the National Enterprise Credit Information Publicity System.