∗Luckin Coffee Archives - Page 3 of 4

After Financial Fraud, Luckin Reportedly Achieves Positive Cash Flow Per Store in July

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.

Luckin Again Announces New Personnel Adjustments, Appoints New Director of the Board

Two newly-appointed directors resigned on Monday while Luckin will consider the re-appointment of Sean Shao as a director of the company.

Former Luckin CTO Joins Upscale Tea Brand Nayuki

He Gang, former Chief Technology Officer of Luckin Coffee, has recently joined upscale tea brand Nayuki as the CTO.

HeyTea Enters Healthy Soda Market With Spin-Off Brand

Chinese leading upscale tea chain HeyTea is marching into the realm of healthy ready-to-drink products with 3 fruit tea sodas.

Luckin Coffee Names Guo Jinyi Chairman and CEO After Founder Charles Lu Ousted

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 Shareholders Oust 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 to Purchase $254M Shares From Luckin Chairman Lu’s Car Rental Company

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.

Charles Zhengyao Lu Remains Luckin Coffee’s Chairman

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 Finds $300M in Revenue Fraud

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).

Fraud-hit Luckin Coffee Shares To Be Suspended From Nasdaq, Domestic Operations Remain Normal

While Fraud-hit Luckin Coffee Shares will be suspended from Nasdaq, Luckin Coffee continues to provide quality products and services to its customers.

Luckin Coffee Shares Plunge After Nasdaq Delisting Notice

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 Wins Court Order, Will Wind Down Lu Zhengyao’s Two Assets

Luckin Lenders won an order to wind down two entities owned by Lu Zhengyao, Chairman of Luckin Coffee.

Luckin Chairman Lu Zhengyao’s Shares in UCAR Have Been Frozen

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 Chairman Lu Zhengyao Resigns from CAR, the Car Rental Company He Owned Has $168 million in Debt

Luckin Coffee chairman Lu Zhengyao resigned on Tuesday from the board of China Auto Rental Co., Ltd. (CAR), Tencent Finance reported.

Luckin Chairman to Face Criminal Charges Amid New Evidence in Fraud Probe

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 Plunge After It Resumes Trading on Nasdaq

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.

Luckin Coffee Deposes CEO and COO Amid Sales Fraud Investigation

Chinese coffeehouse chain Luckin Coffee fired its CEO and COO amid an investigation into the company’s accounting scandal.

‘Ponzy Scheme’: Experts Share Opinions on the Luckin Coffee 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.

China Securities Regulatory Commission Begins Luckin Coffee Investigation

The CSRC has sent an investigative team to inquire into fraud allegations against Luckin Coffee. Several auditors are currently inspecting Luckin’s financial situation.

China’s Investors Take Luckin Coffee to Court for Painful Stock Loss

Lawsuit filed by China's domestic investors against Luckin Coffee's fabricated sales fraud has been proceeding by Xiamen Intermediate People's Court.

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