FILE PHOTO: Charles Zhengyao Lu, non-executive chairman of Luckin Coffee, speaks during the company's IPO at the Nasdaq Market site in New York, U.S., May 17, 2019. REUTERS/Brendan McDermid
HONG KONG/NEW YORK - Luckin Coffee Chairman Charles Zhengyao Lu and Chief Executive Jenny Zhiya Qian have handed over shares in the embattled Chinese coffee chain to lenders after a company controlled by Lu’s family defaulted on a $518 million margin loan, one of the banks said on Monday. The default comes after Luckin, a major rival to Starbucks in China, said last week that much of its 2019 sales were fabricated, sending its shares plunging as much as 82% in U.S. trading and sparking an investigation by China’s securities regulator.
Some 515,355,752 class B shares and 95,445,000 class A shares of Luckin had been pledged to secure the loan, including shares additionally pledged by the family trust of Qian, one of the banks on the loan, Goldman Sachs Group Inc , said in a note to clients on Monday proposing a sale of the shares.
when does he re- IPO?
srqstockpicker yikes
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China's Luckin Coffee says business will continue amid financial fraud probeLuckin Coffee Inc said on Sunday it will maintain normal operations at its stores and apologised to the public, days after it announced an internal investigation had shown its chief operating officer and other employees fabricated sales deals. this message brought to you by an industry plagued by child labor. Meanwhile that seems to be the newest marketing pitch. The only kids I still don't want to hear sell me something are the ones at St. Judes hospital. They shouldn't be having a fucking bake sale. Fund em now. China? Chinese business? Fraud? The regulators must start a comprehensive inspection towards all Chinese companies to protect investors
Source: Reuters - 🏆 2. / 97 Read more »
China's Luckin Coffee says business will continue amid financial fraud probeLuckin Coffee Inc said on Sunday it will maintain normal operations at its stores and apologised to the public, days after it announced an internal investigation had shown its chief operating officer and other employees fabricated sales deals. this message brought to you by an industry plagued by child labor. Meanwhile that seems to be the newest marketing pitch. The only kids I still don't want to hear sell me something are the ones at St. Judes hospital. They shouldn't be having a fucking bake sale. Fund em now. China? Chinese business? Fraud? The regulators must start a comprehensive inspection towards all Chinese companies to protect investors
Source: Reuters - 🏆 2. / 97 Read more »
22 private student loan lenders that may help you with payments - Business InsiderYour federal student loan payments have been paused, but what about your private loans? Your private student loan lender may offer assistance, too.
Source: BusinessInsider - 🏆 729. / 51 Read more »