China’s Biggest Rappers Were Quiet on Black Lives Matter, But Real Hip Hop Artists Stood Up 3 days ago
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Luckin Coffee has run out of luck - a preliminary investigation implicates the chain's COO Jian Liu in fabricating billions of RMB in transactions Unicorn start-up Luckin Coffee has run out of luck. The company, which made headlines as a (sometimes self-styled) “Starbucks-killer”, has admitted to fabricating sales figures. Chief accused is Luckin’s COO Jian Liu, who reportedly worked with others to fabricate transactions that made up nearly half the chain’s sales in 2019. Related: Luckin Coffee, China’s Newest Unicorn, is Challenging Starbucks’ Market Stranglehold “The Special Committee recommended certain interim remedial measures, including the suspension of Mr. Jian Liu and such employees implicated in the misconduct and the suspension and termination of contracts and dealings with the parties involved in the identified fabricated transactions,” Luckin Coffee said in a statement. After long speculation surrounding financial difficulties, the chain revealed on Thursday that a preliminary investigation had accounted for 2.2 billion RMB of transactions, as well as inflated costs and expenses. Shares plummeted over 84% after the announcement was made. Related: Digitally China Podcast: Behind the Hype of China’s Starbucks Challenger, Luckin Coffee The company, which had worked rapidly to open over 3,000 stores across China, went public in May and held a secondary stock offering in January.
Daily Drip Chinese Martial Artists Must Stop Calling Themselves “Masters”, According to Official Decree
China’s Biggest Rappers Were Quiet on Black Lives Matter, But Real Hip Hop Artists Stood Up 3 days ago
Photographer Gao Shan’s “The Eighth Day” Goes Deep on the Relationship with His Adopted Mother 5 days ago
Where There’s Smoke, There’s Straight Fire Gang: The Shanghai Hip Hop Trio Blazing Their Own Trail July 2, 2020
Meet the Architect Whose Revolutionary “Sponge Cities” are Helping Combat Climate Change May 28, 2020
ByteDance: How the TikTok Creator Took Over the Internet and Incited International Controversy April 27, 2020
5 Million People in China Have Lost their Jobs Thanks to Covid-19 – Here’s How They Are Coping April 14, 2020
Wǒ Men Podcast: How Covid-19 has Changed Chinese People’s Attitudes to Personal Finance June 15, 2020
