Luckin

Luckin crashes in resumed trading as delisting clock ticks

By Linda J. Dodson 2 weeks ago

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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Luckin spills as trading resumes after Nasdaq delisting notice

By Linda J. Dodson 2 weeks ago

HONG KONG — Luckin Coffee shares slumped as much as 48% as the stock resumed trading on the Nasdaq Stock Market after a six-week freeze that saw bad news continue to spill out for the upstart Chinese coffee chain.

The stock traded as low as $2.27 in initial premarket trading, as tracked by MarketWatch. 

The company has been under intense pressure since Luckin disclosed on April 2 its discovery that senior executives fabricated about $310 million in sales. The stock declined 83% over the following three trading sessions to $4.39 before Nasdaq halted further trading as of April 7 pending

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Luckin first casualty as US takes aim at China transparency

By Linda J. Dodson 2 weeks ago

NEW YORK — U.S. President Donald Trump and his Republican Party have doubled down on making China transparency a top issue in an election year, both in terms of the coronavirus response as well as listed companies.

While Trump repeatedly accuses China of failing to be open and honest about its handling of the outbreak, his administration is considering steps that would close off its stock markets to Chinese companies that do not comply with American rules.

China’s Luckin Coffee, which has become a poster child of such misconduct, said Tuesday that it would be kicked out of Wall Street’s

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Luckin Coffee fires top executives over fraud scandal

By Linda J. Dodson 3 weeks ago

NEW YORK — Luckin Coffee has removed its CEO Jenny Qian Zhiya and chief operating officer Liu Jian from their posts, the company said Tuesday, following a flight of investors and company insiders over a high-profile accounting scandal.

The termination of the two C-suite executives, along with their resignation from Luckin’s board, comes a little over a month after the Nasdaq-listed company admitted to fabricating $310 million in sales last year.

Liu was first held responsible in an internal probe, made public last month. But Luckin said in a filing to the U.S. Securities and Exchange Commission that its board

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