Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Chinese Carmaker Dongfeng Pilots Robotaxi Service in Wuhan
Trending in China: China Show Love For Beijing-Born Chloe Zhao and her Historic Golden Globes Win
Tencent Invests in Tim Hortons as Canadian Coffee Chain Embraces Digitalization
ByteDance Seeks to Grow Online Education Business with New Recruitment Drive
Pinduoduo Faces Work Culture Questions After Staff Deaths
Investment Gains Boost Tesla Challenger Li Auto to First Profit
Geely-Backed Smart Vehicle Tech Startup Eyes Global Expansion With New Funding
Foxconn Deepens Push Into Electric Car Manufacturing with Fisker Partnership
Flying Carmaker EHang Completes Cold-Weather Test Flights in Beijing
China Outspends Rest of the World on 5G Infrastructure By 2-to-1
Chinese Ride-Sharing Giant Didi Plans Entry Into Europe
Video Streamer Bilibili’s Revenue Nearly Doubles, Shares Rise
Forbes Names China’s Top 100 Businesswomen of 2021 With 40 New Entries
China’s Electric Vehicle Sales Expected to Grow 51% This Year, Research Firm Says
Chip Startup Horizon Robotics Joins Hands with Automaker to Develop Smart Cars
Chinese Copycats Rush in as Clubhouse is Blocked in China
Honor of Kings Retains Top Spot as World’s Highest-Earning Mobile Game
Trending in China: Employee Punished After Gaining Beijing Residency Rights Then Quitting Firm
Industrial Software Startup Eyes Southeast Asia With Latest Funding
Alibaba-Backed Lender MYBank is One of First Privately Owned Banks to Join Digital Yuan Pilot
Luckin Coffee Shareholders Vote to Remove Chairman, Bloomberg Reports

By Denise Jia / Jul 07, 2020 04:13 AM / cxlive

Photo: VCG

Photo: VCG

Luckin Coffee Inc. Chairman Lu Zhengyao, also known as Charles Lu, was ousted along with three other directors at a special shareholder meeting Sunday, Bloomberg reported Monday citing local media.

Lu’s dismissal resulted from a power struggle within the scandal-plagued Chinese coffee chain. The three other directors removed are Sean Shao, Li Hui and Liu Erhai, according to Sina.com. Shao is chairman of an independent committee investigating the financial reporting fraud. Li and Liu also pushed for the investigation.

Lu, the founder and controlling shareholder of Luckin, had just survived a separate board vote Thursday to remove him as director and chairman.

Luckin said Wednesday that its independent committee substantially completed its internal probe into the financial reporting scandal, confirming the billions of yuan of fake sales, but giving no conclusion on whether Lu was responsible.

Sources previously told Caixin that Lu was uncooperative with the committee, refusing to hand over his phone or computer for examination.

Contact reporter Denise Jia (huijuanjia@caixin.com) and editor Bob Simison (bobsimison@caixin.com)

Related: After Surviving Ouster Attempt, Chairman of Luckin Looks to Cleanse Board

Share this article
Open WeChat and scan the QR code