The accounting scandal at Luckin is seen as clouding the prospects for other Chinese companies considering selling shares in the US. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. "I can't sleep at night. "I've been in deep pain and remorse," Lu said in a statement on Wednesday, which was widely reported by multiple Chinese media outlets, including The Paper and China Business Network, both owned by state-controlled corporations. Whatever happens, Lu said he will "spare no effort" in minimizing shareholders' losses. The Nasdaq listing had been one of China's few successful American stock market debuts of 2019. He asked for people from all walks of life to go easy on Luckin Coffee and support the company, noting that "tens of thousands of employees are still working hard.". Luckin Coffee hasn’t publicly said that it wants to go private, but speculation persists that this would be the best option for the beleaguered company. The boy who swapped his piano for a gun. Luckin Coffee CFO: Focused on bringing down costs, Why the world's largest ice cream company is betting on home delivery, Internet mocks McDonald's new meatless burger, This company is giving away bacon-scented face masks, People are brewing fancier coffee at home. Its stock is currently worth $2.82 — less than the price of a Luckin latte in China. Nasdaq informed the company of its plans to remove the company's shares from the exchange. Coronavirus: How do you vaccinate the world? Hong Kong (CNN Business)Luckin Coffee's co-founder says he is losing sleep over Wall Street's decision to delist his company, and that he'll do what he can to ensure its survival. All times are ET. Luckin Coffee confirmed on its official Weibo account that it was being inspected by the State Administration for Market Regulation (SAMR). If the company is delisted, it will surely face more difficulties and increased pressure," he added. All rights reserved. The Nasdaq exchange said the shares would remain halted until Luckin had fully satisfied its request for additional information. Coronavirus: How do you vaccinate the world? That's good for this company, Uber Eats' new ad pits Luke Skywalker against Capt. The Xiamen-based company said on Monday that it has requested a hearing on the delisting notice, and the stock will remain on Nasdaq until the hearing, which should take place within the next 30 to 45 days. Luckin Coffee fired its CEO after the Chinese homegrown rival to Starbucks was found to have fabricated sales. Source: Luckin Coffee scandal highlights murky standards of China Inc. – Nikkei Asian Review As of the end of September the coffee chain had 3,680 stores, according to its third quarter 2019 earnings release. The accounting scandal at Luckin Coffee, a start-up that aimed to displace Starbucks in China, has caught out several of the world’s most powerful investors. Luckin said an investigation had found that fabricated sales from the second quarter of last year to the fourth quarter amounted to about 40% of its estimated annual sales. All rights reserved. Shares in the company resumed trading on Wednesday, and fell nearly 36%. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. © 2020 BBC. .css-1hlxxic-PromoLink:link{color:inherit;}.css-1hlxxic-PromoLink:visited{color:#696969;}.css-1hlxxic-PromoLink:link,.css-1hlxxic-PromoLink:visited{-webkit-text-decoration:none;text-decoration:none;}.css-1hlxxic-PromoLink:link:hover,.css-1hlxxic-PromoLink:visited:hover,.css-1hlxxic-PromoLink:link:focus,.css-1hlxxic-PromoLink:visited:focus{color:#B80000;-webkit-text-decoration:underline;text-decoration:underline;}.css-1hlxxic-PromoLink:link::after,.css-1hlxxic-PromoLink:visited::after{content:'';position:absolute;top:0;right:0;bottom:0;left:0;z-index:2;}China's Luckin Coffee slumps on 'fake' data news, Coronavirus: Starbucks bans reusable cups to help tackle spread, Coronavirus: Starbucks closes 2,000 Chinese branches, Fauci warns of post-Thanksgiving US Covid surge.
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