“The China Hustle,” a documentary from a few years back, depicts a special type of stock market fraud. Obscure Chinese high-tech manufacturers, agricultural producers, and mining companies would list on overseas stock exchanges. Investor conferences, i…
Car Inc may soon have no more formal ties to Charles Lu, founder of Luckin, Car Inc, and Ucar.China’s Beijing Automotive Group (BAIC) is seeking to buy a stake of up to 21.26% in Car Inc, a Hong Kong-listed car rental company formed by Luckin Coffee ch…
Troubled beverage chain Luckin fired CEO Qian Zhiya and COO Liu Jian from their positions last Tuesday after a month-long upheaval following its fraud admission in April. However, the market remains skeptical about the company’s dedication to change.
…
In a filing to the SEC, Luckin Coffee has announced that CEO Qian Zhiya (also former CEO of CAR Inc.) and COO Liu Jian have been fired from their positions. This comes after “. . . evidence that sheds more light on the fabricated transactions described…
Chinese top market regulators have launched a probe into Luckin Coffee, the troubled beverage chain under public scrutiny after admitting accounting fraud in April.
Why it matters: An investigation into Luckin by China’s most powerful business …