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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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05 24, 2020 12:17 PM

Travel Agent Tuniu Faces Nasdaq Delisting Due to Sagging Stock

Even before the Covid-19 pandemic put a chill on its core travel business, company was suffering from declining revenue and widening losses

05 23, 2020 06:26 AM

China’s JD.com, Netease Aim to List Shares in Hong Kong Next Month

Secondary flotations raising billions would be a win for HKEx as Beijing weighs new security legislation and U.S. considers barring Chinese equities

05 22, 2020 20:48 PM

Political Advisers Warn of Risks Facing China Inc. Overseas

Two CPPCC members have advised instructing Chinese companies to play by the rules overseas or risk exacerbating the current protectionist backlash in some countries

05 22, 2020 15:53 PM

Credit Suisse Targets Luckin Ex-Billionaire’s Family Assets

Swiss bank and others are seeking to recoup losses on more than $500 million in margin loans that soured after the company became embroiled in an accounting scandal

05 22, 2020 04:22 AM

Chinese Companies Aren’t Likely to Abandon U.S. Listings Soon

Senate measure demanding greater audit transparency escalates tensions over financial reporting after Luckin Coffee share meltdown amid accounting scandal

05 21, 2020 21:11 PM

China Business Digest: Top Legislature to Discuss Security Legislation for Hong Kong; China’s CanSino to Develop Second Vaccine With Canadian Partner

Covid-19 victims top 5 million; Chinese stocks sag on Wall Street as Senate demands transparency; cruise operators need support, political adviser says

05 21, 2020 14:13 PM

U.S. Senate Passes Bill That Could Delist Chinese Companies

Legislation would require companies to certify that they are not under the control of a foreign government

05 20, 2020 21:28 PM

Luckin Explained: How Did Scandal-Plagued Coffee Highflyer Get Into Such Hot Water?

In his first public statement in more than a month, founder of former Starbucks challenger expresses regret that his company faces delisting from the Nasdaq

05 20, 2020 21:07 PM

China Business Digest: Benchmark Lending Rates Remain Unchanged; Virus Shows Signs of Evolving in New Outbreaks

Covid-19 symptoms appear later in northeastern regions, complicating control efforts; pandemic slows bank profit growth; Sam’s Club to expand in China

05 20, 2020 20:11 PM

Discussion Grows in U.S. Over Laxer Treatment of Developing Nation Listings

Top U.S. securities regulator Jay Clayton suggests developing-nation companies that list in U.S. are often held to looser standards regarding their audit committees and auditor oversight

05 20, 2020 18:43 PM

Caixin China Biz Roundup: Nasdaq Prepares to Give Luckin the Boot

In today’s episode: The Nasdaq announces plan to delist the disgraced coffee company following a financial reporting fraud scandal; Zoom halts free services to individual users in China; and the brewing dispute between China and Australia

05 20, 2020 03:56 AM

Exclusive: Luckin Prepares for the Worst in Face of Delisting Risk

Starbucks rival vows to appeal Nasdaq plan to kick Chinese coffee upstart off the exchange following $310 million financial reporting fraud

05 19, 2020 21:00 PM

China Business Digest: Nasdaq Kicking Out Luckin Coffee; Fidelity International Eyes Wholly Owned Mutual Fund Unit in China

Trump threatens permanent freeze on funding for WHO; housecleaning continues among top management of Ping An Good Doctor

05 19, 2020 11:21 AM

The Caixin-Sinica Business Brief: Pinduoduo Overtakes JD.Com as China's Second Most Valuable Online Retailer

BYD to reapply for U.S. regulatory approval to ship face masks to California; American soybean exporters could reclaim some of the export market lost to Brazil under the U.S.-China trade deal; and behind Luckin Coffee’s meteoric rise and fall

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