–
Implicated in a resounding fraud scandal, Luckin Coffee throws in the towel and leaves the New York Stock Exchange.
–
The Chinese chain Luckin Coffee, which intended to compete with the American giant Starbucks, announced this weekend its withdrawal from the New York Stock Exchange where it is listed. The epilogue of an American adventure compromised by a resounding case of fraud.
–
“As of June 29, Luckin Coffee will suspend its activities on the Nasdaq and request the delisting.”
–
The group revealed in early April thatone of its leaders was accused of falsifying sales figures in 2019 up to 2.2 billion yuan (290 million euros). A revelation that had the effect of a bomb: the action of the company listed on the Nasdaq in New York had, in the process, dropped by more than 70%. And the exchanges had been suspended for several weeks.
–
“As of June 29, Luckin Coffee will suspend its activities on the Nasdaq and will request the delisting,” the group said in a statement.
–
In mid-May, the Nasdaq asked Luckin Coffee to leave the New York Stock Exchange in particular because of “public interest concerns raised by the fake transactions revealed by the company”. If the hot beverage chain initially wished to appeal this decision, it finally decided to throw in the towel. Luckin Coffee “once again apologizes for the deplorable consequences of the incident,” added the statement, referring to the scandal.
–
Dazzling development
Created just three years ago, in 2017, Luckin Coffee experienced a ultra-rapid development thanks to the financial support of foreign investors. The brand was quickly introduced on the Nasdaq in May 2019, where it was able to raise $ 561 million.
–
Luckin counts in China more than 4,500 points of sale, against around 4,200 for Starbucks, its direct competitor, however, established in the country since 1999. To shake up the American chain, which largely favored the take-off of a coffee culture in China, Luckin Coffee attracted consumers with generous coupons.
–
–
Unlike the vast spaces of its American rival, it offers mostly minimalist outlets, with pre-paid coffees on a mobile app, then take away or have it delivered to your home or office.
–
Luckin must hold an extraordinary general meeting in early July to vote for the dismissal of several members of its management, including its president Charles Zhengyao Lu. A step following the recommendation of an internal investigation into the company which has already separated of its CEO and its COO.
–
–
![Slask Wroclaw. Krzysztof Mączyński reacted to the entry of football player Lech Poznań. “Don’t cry my friend” [WIDEO]](;https://pliki.meczyki.pl/big700/337/5ef9bd1b1ebeb.jpg "Slask Wroclaw. Krzysztof Mączyński reacted to the entry of football player Lech Poznań. “Don’t cry my friend” [WIDEO]")
