Luckin Coffee shareholders vote to remove chairman Charles Lu: Report

XIAMEN - Luckin Coffee's chairman, Charles Lu Zhengyao, was ousted by shareholders from the scandal-plagued Chinese company, just days after surviving an effort by some directors to strip him of control, Chinese web portal 163.com reported, citing unidentified sources.

The voting result ended a temporary reprieve for Lu, who remained chairman after a proposal to remove him from the startup he founded wasn't approved by the required two-thirds of directors at a special meeting Thursday. Lu's dismissal comes after Luckin said it substantially completed an internal investigation into the financial irregularities. Once considered among China's brightest growth stories, the chain has seen its stock become almost worthless, plunging 94% this year.

The scandal is also a black eye for China Inc as the US Congress moves closer to passing legislation that could bar Chinese companies from trading on US stock exchanges.

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