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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.

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07 07, 2020 20:57 PM

China Business Digest: Brazilian President Jair Bolsonaro Tests Positive; Trump Begins Formal Exit From WHO

Secretary of State says Trump administration may ban TikTok and other Chinese apps; AI chipmaker Cambricon to raise $366.7 million in IPO

07 07, 2020 04:04 AM

Sina Considers CEO’s Buyout Bid Valuing Company at $2.7 Billion

Controlling shareholder Charles Chao, also chairman of Weibo unit, proposes 11.8% premium on pre-bid price as going-private movement gains momentum among U.S.-listed Chinese stocks

07 06, 2020 23:14 PM

China Business Digest: Chinese Mainland Enters Bull Market; Luckin Coffee Chairman Ousted

Sina’s CEO and controlling shareholder proposes a buyout valuing the company at $2.7 billion as U.S.-listed Chinese stocks go private; BlackRock bets on rebounding Asia markets

07 03, 2020 23:11 PM

China Business Digest: Services PMI Notches Biggest Expansion in a Decade; Citic Securities, CSC Financial Again Deny Merger Report

Securities commission issues rules covering refinancing on STAR Market; beverage giant Wahaha considers $1 billion IPO, joining the rush to Hong Kong

07 03, 2020 19:40 PM

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

Lu Zhengyao narrowly missed being booted from the company he founded, but may leave under his own terms at a shareholder meeting set for Sunday

07 03, 2020 03:49 AM

Luckin Coffee Founder to Sell Stake in Car Rental Unit to SAIC

Surprise $254 million deal beating out BAIC would provide an exit for embattled Lu Zhenyao amid Luckin’s financial reporting fraud scandal

07 02, 2020 20:42 PM

China Business Digest: SAIC to Buy Car Rental Stake From Luckin Founder; Recently Publicized Swine Flu Isn’t New, WHO Says

ByteDance could lose more than $6 billion after India banned its popular TikTok video-sharing app; embattled Jia Yueting completes U.S. personal bankruptcy

07 02, 2020 19:55 PM

Caixin Insight: Caixin PMI, Securities Licenses for Banks, Pinduoduo’s New CEO

Beijing looks to build a securities ‘aircraft carrier’ to compete with foreign firms

07 02, 2020 19:23 PM

Caixin China Biz Roundup: Luckin Co-founder’s Dilemma

In today’s episode: Disgraced coffee chain co-founder could be booted from his chairman position following an internal probe; fugitive accused of helping illegally raise of billions through a Ponzi-style scheme has been returned to China following his extradition from Greece; and advertising industry body gets tough on e-commerce livestreaming

07 02, 2020 07:07 AM

Luckin Coffee Probe Confirms Scope of Financial Reporting Fraud

Independent internal investigation’s findings lead to six more firings as board calls special meeting to consider ousting founder and Chairman Lu Zhengyao

07 01, 2020 20:02 PM

China Business Digest: Luckin Confirms $300 Million Sales Reporting Fraud, Pinduoduo Names New Chief as Founder Steps Down

China-Europe travel will resume in an orderly manner, the Foreign Ministry says; China continues the tit-for-tat exchange with the U.S. on media access

07 01, 2020 16:53 PM

Cayman Court Waters Down Chairman’s Stake in Luckin Coffee

Following a June 16 ruling over a defaulted loan, founder Lu Zhengyao and former CEO Qian Zhiya’s combined share of scandal-plagued company drops to 12.45% from 49.09%

06 30, 2020 03:04 AM

China Crypto Miner Ebang Plans to Start Bitcoin Exchange in 2020

After raising $100 million in U.S. IPO Friday, Ebang moves to launch offshore digital exchange in diversification step that may ease wild volatility of crypto currency

06 29, 2020 23:38 PM

China Business Digest: May Industrial Profits Rise 6%; China to Launch Cross-Border WMP Connection in Greater Bay Area

Blue Moon, China’s biggest laundry detergent maker, filed for an IPO in Hong Kong; crypto-mining giant Ebang plans to initiate an offshore bitcoin exchange this year

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