Luckin Coffee shop in China. Photo: Shutterstock.com
The company once dubbed China's answer to Starbucks might well turn out to be the one that pushed Chinese listings in the U.S. back to the verge of extinction.
April 09, 2020 at 01:31 PM
1 minute read
The Nasdaq-listed Chinese coffee chain Luckin Coffee has been in the spotlight since last week when the company admitted that it had fabricated $310 million, or RMB22 billion, worth of sales in 2019.
The revelation followed an announcement by activist firm Muddy Waters Capital that it was short-selling Luckin stock after receiving an anonymous report in January detailing fraudulent behavior at the company.
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