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Borgward Auto, owned by Chinese travel and auto services firm UCAR, is to undergo bankruptcy proceedings, with a public announcement to be issued as soon as early July.
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.
Xiaomi Auto may adopt a “dual factory” production model in Beijing and Wuhan. Sources said that the Beijing government is encouraging Xiaomi to acquire Borgward AG for production certification.
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. said Thursday that its co-founder Charles Zhengyao Lu will remain chairman, after the board of directors failed to oust him.