Chinese coffee chain Luckin Coffee’s Chairman Charles Zhengyao Lu has faced criminal charges based on evidence of his involvement in financial scandals and the company’s internal investigation, local media reported on Wednesday.
Tuniu Corp. (TOUR) reported Wednesday a net loss of 201.5 million yuan ($29.5 million) on revenue of 174 million yuan, a year-on-year decrease of 61.9%, in Q1 2020.
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.
Chinese are the largest tourist demographic on earth, and as China and many other countries keep their borders closed, companies servicing this massive body of travelers are experiencing enormous losses.
On the evening of May 21, Reuters reported that Baidu was considering delisting from NASDAQ to boost its valuation. Baidu responded to The Economic Observer later claiming this was a false rumor.
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.
Huize Holdings is a Shenzhen-based an online insurance cpmpany that aggregates insurance products and aims to provide a seamless user experience targeting the younger generation.
The long-term rental service provider Danke Apartment updated its F-1 prospectus filed to the US SEC and it is expected to be listed on New York Stock Exchange with the ticker symbol “DNK”.
As Asia’s biggest office space provider Ucommune is preparing to repeat its rival’s miscarried feat, the question arises as to what it can offer that WeWork couldn’t.
I-Mab, a Shanghai-based developer of biologic treatments for cancers and autoimmune disorders, has filed for an IPO on the Nasdaq under the symbol “IMAB”.
Chinese real estate e-commerce platform Fangduoduo has filed its IPO prospectus with the SEC in anticipation of a public offering on the NASDAQ under the ticker “DUO” on October 9.
