Luckin crashes in resumed trading as delisting clock ticks

HONG KONG — Luckin Coffee opened its first day of trading in six weeks with a 43% nosedive on Wednesday, as investors hurried to sell off shares after a six-week freeze that ended with the Chinese Starbucks challenger saying it faced desliting by Nasdaq.

The stock, which peaked at $51.38 earlier this year before its accounting scandal, dipped to as low as $2.27 in initial premarket trading, as tracked by MarketWatch.

The coffee chain has been under intense pressure since it disclosed on April 2 its discovery that senior executives fabricated about $310 million in sales. The stock declined 83%

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Rudderless leadership finally crashes Japanese clothier Renown

TOKYO — Japanese apparel maker Renown’s bankruptcy filing to the Tokyo District Court last week was actually prepared by a subsidiary because of disarray among the parent’s management, according to people familiar with the matter.

Renown Agency, a unit operating as an insurance marketing agency, filed the application for court protection from creditors on Friday. The court approved the application the same day, a release from Tokyo Databank said.

The subsidiary filed the application on behalf of Renown because leadership at the parent was in a state of confusion and unable to make the necessary arrangements for legal bankruptcy proceedings,

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Sharp opts for lottery to sell masks after demand crashes website

OSAKA — Sharp will use a lottery system to select buyers for its new face masks after overwhelming demand caused the electronics group’s online shopping portal to crash.

The Osaka-based company attempted to begin online sales to consumers on Tuesday, setting a total daily limit of 3,000 boxes. But the volume of traffic to Sharp’s website overwhelmed the servers that day, putting the sales on hold.

Japan has suffered a chronic mask shortage because of the coronavirus outbreak despite government efforts to increase production of the protective gear.

The high access count also affected Sharp’s web service for connected appliances,

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