Fraud at Luckin

China Fraud at Luckin News - Caixin Global

The Chinese Starbucks rival has been in hot water after revealing that it inflated its sales by $310 million last year. That scandal has dealt a fresh blow to the reputation of Chinese stocks in the U.S.

08 07, 2020 13:18 PM

U.S. Moves to Tighten Disclosure Requirements for Chinese Listings

New recommendations say that in order to trade on a U.S. exchange, companies must grant American regulators access to their audit work papers

08 06, 2020 18:15 PM

Opinion: China’s STAR Market Has Had an Impressive Run. Investors Should Still Be Wary

Over the long haul, the new tech board’s success will depend less on blockbuster listings and more on its long-term performance

08 06, 2020 08:50 AM

CX Daily: China's Services Sector Softens to Three-Month Low

For Luckin Coffee, more boardroom drama seems to be coming. Plus, a Chinese AI company sues Apple for $1.43 billion.

08 05, 2020 20:07 PM

China Business Digest: Gold Rallies to Record High Above $2,000; Central Bank Sets Up Fintech Unit

Expansion of services sector slowed to three-month low; regulator outlines 3-year plan for property insurers; more flights set from Japan and South Korea

08 05, 2020 09:13 AM

CX Daily: New Virtual Banks Face Headwinds in Hong Kong

China vows to retaliate if its journalists are forced to leave the U.S. BeiDou’s core components are “100% made in China.”

08 05, 2020 06:16 AM

Luckin Shareholders Seek to Reverse Board Changes

In boardroom fight over scandal-ridden coffee chain, Centurium Capital moves to reinstate a director and weaken ousted Chairman Charles Lu Zhengyao’s grip

08 04, 2020 21:15 PM

China Business Digest: Trump Says U.S. Should Get a Cut of TikTok Deal; Apple Faces $1.4 Billion Lawsuit in China

Rio Tinto and Chinese partner to develop world’s largest untapped iron ore reserve; State Council offers more incentives to bolster domestic chip-making

08 04, 2020 04:25 AM

Two Luckin Coffee Affiliates Fined by CSRC for Disclosure Violations

Controlling shareholder Lu Zhenyao also penalized in latest regulatory findings against the car and coffee tycoon who faces other sanctions in Luckin fraud and possible criminal charges

08 03, 2020 20:15 PM

China Business Digest: Trump Allows Time for Microsoft or Others to Buy TikTok in U.S.; Two Luckin Affiliates Fined by CSRC

China’s Beidou satellite navigation system achieves ‘100% made in China’ for core components; Alibaba pours investment into EV startup Xpeng Motors ahead of IPO

08 03, 2020 18:37 PM

Caixin China Biz Roundup: Tiktok in Turmoil as Trump Threatens U.S. Ban

In today’s episode: Tiktok's future is in the balance as President Trump threatens to barr the video app from the U.S. and Microsoft seeks to buy its American operations; regulators say scandal-plagued Luckin Coffee will face punishment as official probes ends; and southwestern province Yunnan enlists drones and a team of 57,000 to fend off a locust invasion

08 01, 2020 02:52 AM

China Regulators to Punish Luckin Coffee for Financial Fraud

Finance Ministry confirms fabricated sales results while market regulation agency finds unfair competition, though neither specifies planned penalties

07 31, 2020 23:58 PM

China Business Digest: Regulators to Punish Luckin Coffee; Central Bank Delays New Asset Management Rules

Video service provider Baofeng Group’s president charged with bribery; L’Oreal may slash spending on TikTok; Beijing sends help to Hong Kong for conducting Covid-19 testing

07 28, 2020 20:23 PM

CGI: China’s Online Education Industry Locked in a War of Attrition

Despite being almost universally loss-making, the sector continues to draw strong interest from investors

07 22, 2020 13:12 PM

Credit Suisse Set to Score a Smaller Role on Ant’s Mega IPO

Ant is still finalizing its roster of banks and details of the line-up could change, sources said

07 21, 2020 04:37 AM

BAIC Takes Over Car Rental Stake From Troubled Luckin Founder

Deal worth $245 million brokered by authorities ends month-long battle between China’s two biggest automakers as Lu Zhenyao’s empire teeters

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