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When Will Luckin Coffee Start Trading Again

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Chinese coffee shop company

Luckin Coffee Inc.

Native proper noun

 瑞幸咖啡
Blazon Public company

Traded as

 OTC Pinkish Limited: LKNCY (formerly Nasdaq: LK, but delisted 29 Jun 2020)
Industry Java shop
Founded Oct 2017; iv years ago  (2017-ten)
Beijing, Red china
Founders
  • Jenny Qian Zhiya
  • Charles Zhengyao Lu
Headquarters

Xiamen, Fujian

,

Communist china

Number of locations
  • 5,671 full
  • iv,206 Luckin Coffee
  • 1,465 partnerships
[1]

Area served

 Red china

Key people
  • Reinout Schakel (CFO)
Jinyi Guo (Chairman) and (CEO)[two] [3]
Products
  • Coffee beverages
  • tea
Revenue FY 2020 $618M USD [iv]

H1 2021 $492M USD [5]

Q3 2021 $367M USD [six]
Website luckincoffee.co
Footnotes / references
[7] [8] [9]

Luckin Coffee Inc. (Chinese: 瑞幸咖啡; pinyin: Ruìxìng Kāfēi ; Pe̍h-ōe-jī: Suī-hēng Ko-pi ) is a Chinese coffee company and coffeehouse chain. Information technology was founded in Beijing in 2017. As of September 2021[update], information technology managed v,671 kiosks.[6] The company operates shops, stores, and kiosks that offer coffee, tea, and food.[ten] Customers need to download an app to order and pay for drinks online.[eleven] [12]

In Apr 2020, the company revealed that it had inflated its 2019 sales revenue by up to US$310 million. It resulted in the stock price crashing and several executives being fired.[thirteen] Trading was suspended and the company was delisted from NASDAQ on 29 June 2020.[fourteen] The company filed for Chapter fifteen bankruptcy in the US in February 2021.[fifteen] In December 2021, Luckin Coffee received court approval from a federal judge in Manhattan to restructure $460M worth of debt and to settle a number of class-activity lawsuits over the fabricated sales figures.[xvi] [17]

History [edit]

A Luckin Coffee retail store, 2017

2017–2019: Founding [edit]

Luckin Coffee was incorporated in October 2017, and by January 2018 had opened its first shops in Beijing and Shanghai.[x] [eighteen] The visitor announced the completion of Serial A financing to a total of The states$200 million in July 2018 backed past Centurium Uppercase, Joy Capital and GIC.[nineteen]

By October 2018, the company had opened 1300 stores, surpassing the number of Costa Coffee stores to go the second-biggest coffee make in China.[twenty] Luckin Coffee also signed a strategic cooperation agreement with Tencent.[21] [22] Much of Luckin's expansion was fueled past an aggressive marketing strategy which saw the company spend three times every bit much as it earned to feed its growth.[xi]

In January 2019, the company announced that they planned to open 2500 new stores and surpass Starbucks to get the biggest coffee make in People's republic of china.[23] [24] Luckin also gained exposure in the US stock market, applying to the Nasdaq[25] and starting to trade at $17 a share.[26]

2020–2021: Accounting scandal [edit]

In early on of Jan 2020, the company raised more capital through a share placement and a convertible bond sale, with worth totalling $821 million as information technology sought to expand into deploying vending machines that would serve fresh hot beverages and snacks. It was also offering a $400 million five-year convertible bail separately.[27]

On 2 April 2020, the visitor announced that an internal investigation found that its chief operating officer, Jian Liu, had made the company's 2019 sales by "around RMB2.2 billion" (The states$310 meg).[28] [29] The next day, the China Securities Regulatory Committee said that it would investigate the company for fraud.[thirty] On viii April, the U.S. stock market place halted trading on all Luckin shares over the fraud probe.[31] In mid-April 2020, American investment bank Goldman Sachs announced that it would seize and sell the Luckin stock holdings of the company'southward chairman, Lu Zhengyao, after he defaulted on a $518 one thousand thousand margin loan.[32] The $400 1000000 bail offered just prior to Muddy's release of the anonymous report also had imploded by 24 April 2020, with the notes selling every bit low equally for 10 cents on the dollar value of bail.[33]

On fifteen May the visitor received a delisting observe from NASDAQ.[34] Later over a month of being halted for trading, the companies stock was able to be traded again on 20 May 2020.[35] On 29 June 2020, the company suspended trading on NASDAQ and filed for delisting, after the exchange ordered the company to delist.[36] Banks including Credit Suisse had won court orders in Cayman Islands on 22 June 2020, and in British Virgin Islands on 9 July 2020, to air current up Lu's controlling entities of Luckin Java Inc for liquidation, afterwards Lu's margin loan default.[37] [38] The company thereby entered into a state of provisional liquadation.[39] In September 2020, China'due south markets regulators fined a group of firms including Luckin Coffee for a combined $8.98 million in relation to Luckin's falsification of financial and operational figures.[40] On xvi December 2020, the US SEC settled the accounting fraud case with the company for $180 one thousand thousand. The company agreed to the settlement without albeit or denying the SEC allegations which include defrauding investors by materially misstating revenue and expenses, inflating its growth rates and understating its losses.[41] On 5 February 2021, the visitor filed for Chapter fifteen bankruptcy in New York, less than a twelvemonth afterward the visitor said that more than a quarter's worth of business may have been faked.[42] Past 22 September 2021, the company revealed its plans to restructure.[39] [43] On 30 September 2021, Luckin Java settled a Us class-action lawsuit to resolve investors' claims for $187.five million.[44] In Dec 2021, Luckin received court approval to restructure a big amount of debt and settle a number of lawsuits over fabricated sales figures.[16]

See also [edit]

  • Java culture
  • Coffee wars
  • List of coffee companies
  • List of coffeehouse chains

References [edit]

  1. ^ "Luckin Coffee's Q3 Acquirement Rises to $364.7 Meg, Net Loss Decreases by 98.half-dozen% Year-on-Year". Pandaily. ten December 2021. Retrieved 20 December 2021.
  2. ^ Business organization, Sherisse Pham, CNN. "Luckin Coffee ousts chairman, names new CEO". CNN.
  3. ^ "Jinyi Guo, chairman and chief executive officeholder, Luckin Coffee". world wide web.topionetworks.com.
  4. ^ Luckin Coffee FY 2020 Financials (21 September 2021). "Luckin Java FY 2020 Financials". Luckin Java investor relations.
  5. ^ Luckin Coffee H1 2021 Financials (21 October 2021). "Luckin Coffee H1 2021 Financials". Luckin Java investor relations.
  6. ^ a b Luckin Coffee Q3 2021 Financials (nine December 2021). "Luckin Coffee Q3 2021 Financials". Luckin Coffee investor relations.
  7. ^ Luckin Coffee (22 April 2019). "Form F-1 - Luckin Coffee Inc". Retrieved 2 May 2020. (filing with the Securities Substitution Commission)
  8. ^ "Luckin Coffee Inc. Announces Unaudited ThirdQuarter 2019 Financial Results". Luckin Coffee. 13 Nov 2019. Retrieved 2 May 2020.
  9. ^ "Luckin Java, China'southward Newest Unicorn, is Challenging Starbucks' Marketplace Stranglehold". Radiichina.com. 26 July 2018. Retrieved 30 Dec 2018.
  10. ^ a b "China's Luckin Java takes on Starbucks". CNBC. Retrieved 28 December 2018.
  11. ^ a b Mary Hui (14 May 2019). "What you tin can eat and beverage at Starbucks's Communist china rival". Quartz . Retrieved 3 July 2019.
  12. ^ "瑞幸打败不了星巴克，但未必是下一个ofo". 华尔街见闻. 15 January 2019. Archived from the original on 16 April 2019.
  13. ^ Yang, Jing (28 May 2020). "Backside the Fall of Mainland china's Luckin Coffee: a Network of Fake Buyers and a Fictitious Employee" – via www.wsj.com.
  14. ^ "Cathay's scandal-striking Luckin Coffee ousts chairman". Asia Times. 14 July 2020. Retrieved 14 July 2020.
  15. ^ Ghosh, Palash. "Luckin Coffee Files For Defalcation 7 Months After Nasdaq Delisting". Forbes . Retrieved 8 February 2021.
  16. ^ a b Church, Steven (16 December 2021). "Luckin Java Wins U.S. Approval for $460m Debt Restructuring". Bloomberg Police force. Bloomberg L.P. Retrieved 18 December 2021.
  17. ^ "Luckin Java in $175 mln course action settlement over bookkeeping fraud". Reuters.
  18. ^ "This java visitor thinks information technology can beat out Starbucks in Prc". CNN. Retrieved 28 December 2018.
  19. ^ 完成2亿美元A轮融资 瑞幸咖啡做好了长期亏损准备？ 手机金融界，11 July 2018
  20. ^ "咖啡巨头现诸神之战 中国市场成关键". 观察者. 7 September 2018. {{cite web}}: CS1 maint: url-status (link)
  21. ^ 瑞幸咖啡与腾讯签署战略合作 中国咖啡市场及发展前景分析 凤凰网，7 September 2018
  22. ^ 中国咖啡市场白热化 瑞幸咖啡与腾讯达成战略合作 搜狐网，6 September 2018
  23. ^ "瑞幸咖啡今年计划新开2,500家门店 取代星巴克在中国龙头地位". Reuters. 2 January 2019. {{cite spider web}}: CS1 maint: url-status (link)
  24. ^ Maggie Fitzgerald (xvi June 2019). "Wall Street sees major growth potential for Luckin in untapped Chinese coffee market". CNBC. Retrieved 17 June 2019.
  25. ^ "中国星巴克劲敌-瑞幸咖啡申请美国上市". 23 April 2019. {{cite web}}: CS1 maint: url-status (link) [ dead link ]
  26. ^ Lucas, Amelia; Picker, Leslie (16 May 2019). "Starbucks' People's republic of china challenger Luckin Coffee prices IPO at $17 a share". CNBC. Retrieved 17 June 2019.
  27. ^ "Luckin Java seeks more of China marketplace, launches disinterestedness deals worth $821 million". Reuters. 8 January 2020. Retrieved 21 Dec 2021.
  28. ^ Lucas, Amelia (2 April 2020). "Shares of China'southward Luckin Java plummet 80% later on investigation finds COO fabricated sales". CNBC.
  29. ^ "Luckin Coffee Announces Formation of Contained Special Committee and Provides Certain Data Related to Ongoing Internal Investigation". luckincoffee.com (Press release). 2 April 2020. Retrieved 4 April 2020.
  30. ^ Zhu, Julie; Zhang, Zoey (3 April 2020). "China probes alleged fraud at Luckin Coffee, banks review IPO work". Reuters.
  31. ^ Lucas, Amelia (8 Apr 2020). "Luckin Coffee'due south stock has been halted for pending news since Tuesday". CNBC . Retrieved xx April 2020.
  32. ^ Lin, Connie (12 Apr 2020). "Embattled Luckin Coffee sees wild surge as customers scramble to greenbacks in on gratuitous potable vouchers". Fast Company . Retrieved 12 April 2020. {{cite web}}: CS1 maint: url-status (link)
  33. ^ "Luckin bondholders stand up to lose US$400 million amid bookkeeping scandal". South China Morning Postal service. 24 April 2020. Retrieved 21 December 2021.
  34. ^ Kilgore, Tomi. "Luckin Java gets delisting notice from Nasdaq". MarketWatch . Retrieved 20 May 2020.
  35. ^ Garcia, Tonya. "Luckin Coffee began trading over again, merely it will have to close stores and investors will be 'wiped out,' says Quo Vadis". MarketWatch . Retrieved 20 May 2020.
  36. ^ Yang, Jing (27 June 2020). "Luckin Coffee Drops Nasdaq Appeal; Shares to Be Delisted". Wall Street Journal. ISSN 0099-9660. Retrieved 14 July 2020.
  37. ^ "Banks Win Right to Liquidate Millions in Shares of Luckin -- WSJ | MarketScreener". www.marketscreener.com . Retrieved 21 December 2021. {{cite web}}: CS1 maint: url-status (link)
  38. ^ "Charles Lu Zhengyao loses control of Luckin Coffee shares post-obit a BVI courtroom ruling". Comunicaffe International. 15 July 2020. Retrieved 21 December 2021. {{cite web}}: CS1 maint: url-condition (link)
  39. ^ a b "Hong Kong, US hedge funds bank on Luckin Coffee revival to collect payouts". Due south China Morn Post. 22 September 2021. Retrieved 21 Dec 2021.
  40. ^ Reuters Staff (22 September 2020). "Mainland china fines Luckin Java and linked firms a full of $nine million". Reuters . Retrieved 22 September 2020.
  41. ^ FT Staff (17 December 2020). "Luckin Coffee to pay $180m in accounting fraud settlement". FT . Retrieved 4 Feb 2021.
  42. ^ Jordan Valinsky. "Luckin Coffee files for bankruptcy in the Usa". CNN . Retrieved 5 February 2021.
  43. ^ "Luckin Coffee announces scheme of arrangement in compliance with RSA". Comunicaffe International. 22 September 2021. Retrieved 21 December 2021. {{cite spider web}}: CS1 maint: url-condition (link)
  44. ^ "Luckin Java agrees to $187.5 million settlement with U.South. investors". www.vendingmarketwatch.com. 30 September 2021. Retrieved 21 December 2021. {{cite spider web}}: CS1 maint: url-condition (link)

External links [edit]

  • Official website
  • Concern data for Luckin Java:
    • Google Finance
    • Yahoo! Finance
    • Bloomberg
    • Reuters
    • SEC filings

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Source: https://en.wikipedia.org/wiki/Luckin_Coffee

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