Beiqi Foton Motor claims it could have doubled its reported gross profit to more than 1 billion yuan in the first half of this year if it had received the money for its 67% of automaker Borgward

Ucar’s sale of 20.86% of Car Inc. will raise significantly more than an unconsummated earlier deal to offload the stake, thanks to a recent surge in the company’s stock

Market regulation administration penalizes 2 Luckin units and 3 related entities the maximum $300,000 each for their roles in $304 million financial reporting fraud

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

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

Action against embattled Lu Zhengyao took place in April, according to Ucar Inc., shortly after Luckin’s disclosure of massive fraud

Lu Zhengyao’s resignation as chairman of rental car specialist Car Inc. comes two weeks after announcement that he would sever financial ties with the company

The sale of Ucar’s 21.26% stake in Car Inc. to BAIC Group could help scandal-plagued coffee chain’s founder Lu Zhengyao raise around $100 million in much-needed cash

Lu Zhengyao’s Ucar could raise up to $145 million by selling down its stock in Car Inc., whose largest shareholder could soon become U.S. private equity giant Warburg Pincus

Before the value-crushing financial fraud, the rocket rise of a stock market darling was fueled by the cash-burning business strategy of founder Lu Zhengyao

Lu Zhengyao’s Ucar failed to repay $270 million that was due in January, and has now negotiated a new plan to pay by the end of this year