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China’s Disgraced Luckin Coffee Plots US Re-Listing – FT

Once touted as the biggest challenger to Starbucks’ dominance in China, Luckin was delisted from the Nasdaq exchange in June 2020


Luckin Coffee
Luckin Coffee executives attend the opening bell ceremony for the group’s Nasdaq initial public offering. Photo: Reuters.

 

Luckin Coffee is exploring plans to re-list its shares in the US, nearly two years after an accounting scandal in which the Chinese coffee chain fabricated more than $300 million of sales, the Financial Times reported.

Once touted as the biggest challenger to Starbucks’ dominance in China, Luckin was delisted from the Nasdaq exchange in June 2020 and six months later agreed to pay $180 million to settle fraud charges with the Securities and Exchange Commission.

Read the full report: Financial Times.

 

READ MORE:

 

China’s scandal-hit Luckin Coffee ousts chairman

 

Coffee Industry Board Launched: Shanghai Daily

 

China fines Luckin Coffee and linked firms $9 million

 

 

 

 

 

George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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