Luckin Coffee

Luckin Coffee announced on February 8 that its previous settlement agreement with the SEC was approved by the court of the Southern District of New York on February 4, agreeing to pay a civil penalty of $180 million to the SEC.

Luckin Coffee, previously mired in a financial fraud scandal, filed for Chapter 15 bankruptcy protection under the US Bankruptcy Code in New York, according to Bloomberg.

Luckin Coffee, known as "China's Starbucks", has set up a new technology company in Hainan with a registered capital of RMB 10 million ($1.5 million).

Luckin Coffee announced on January 18 that it is reopening its retail partner recruitment program with immediate effect, releasing franchise applications.

For the first three quarters of 2020, Luckin Coffee's single-quarter revenues were RMB565 million, RMB980 million and RMB1.145 billion, up 18.1%, 49.9% and 35.8%, respectively, a significant slowdown from previous growth rates.

Luckin Coffee neither admitted nor denied the regulators' allegations in the settlement.

Chinese regulators today announced the results of their investigation into Luckin Coffee, which has been embroiled in a financial fraud spiral.

Luckin Coffee has announced the appointment of independent accounting firm Marcum Bernstein & Pinchuk LLP as the independent auditor, effective September 17, 2020.

The board of directors of Luckin Coffee, which is embroiled in the financial fraud controversy,  voted at an extraordinary general meeting held on September 2 to approve a resolution to reinstate Sean Shao as an independent director.

Luckin Coffee's financial fraud has sparked a crisis of confidence among international investors in Chinese companies. In his latest presentation, leading Chinese entrepreneur Yu Minhong slammed Luckin Coffee.