China's securities regulator said on Friday it strongly condemns financial misconduct by Luckin Coffee.
FILE PHOTO: A deliveryman walks past a closed Luckin Coffee store at Sanlitun, as the country is hit by an outbreak of the new coronavirus, in Beijing, China February 7, 2020. REUTERS/Jason Lee
BEIJING - China’s securities regulator said on Friday it strongly condemns financial misconduct by Luckin Coffee. The China Securities Regulatory Commission also said in a statement it will investigate the issue according to the law and resolutely crack down on securities fraud activities. Shares of Luckin Coffee Inc sank as much as 81% on Thursday after the Chinese coffee chain said an internal investigation had shown that its chief operating officer and other employees fabricated sales transactions.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Luckin Coffee fabricated $310 million in sales: investigation - Business InsiderStarbucks rival Luckin Coffee faked nearly half of its roughly $732 million in sales, according to an internal investigation that found the Chinese coffee giant's COO fabricated orders
Read more »
Luckin Coffee shares sink after COO accused of financial misconductShares of Luckin Coffee Inc sank as much as 81% on Thursday after the Chinese coffee chain said an internal investigation had shown that its chief operating officer and other employees fabricated sales transactions.
Read more »
Luckin, Rival to Starbucks in China, Says Employees Fabricated 2019 Sales; Stock PlummetsChinese startup Luckin Coffee said it has evidence of financial misconduct involving its chief operating officer and $310 million worth of fake transactions for 2019. The company lost 75% of its market value Thursday.
Read more »
Exclusive: U.S. officials agree on new ways to control high tech exports to China - sourcesThe Trump administration is tightening rules to prevent China from obtaining advanced U.S. technology for commercial purposes and then diverting it to military use, several sources told Reuters.
Read more »
Movie piracy could increase due to coronavirus, China data suggests - Business InsiderPiracy data company Muso tracked 11.2 billion visits globally to piracy streaming sites in February and that figure could rise as theaters shut down.
Read more »