Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Commodities  >  London Coffee       

LONDON COFFEE

End-of-day quote. End-of-day quote  - 07/25
1765   -1.07%
11:15aNestle's Organic Sales Growth Beat Consensus -- Earnings Review
DJ
09:36aNestlé Toughs It Out in the Kitchen
DJ
09:23aNestlé Toughs It Out in the Kitchen
DJ
SummaryChartsNews 
SummaryMost relevantAll NewsMarketScreener Strategies

China fines Luckin Coffee and linked firms a total of $9 million

share with twitter share with LinkedIn share with facebook
09/22/2020 | 12:16am EDT
A woman leaves a store of the Chinese coffee house chain Luckin Coffee in Beijing

China's markets regulator said on Tuesday it has fined a group of 45 firms, including Luckin Coffee, a combined 61 million yuan ($8.98 million) for acts linked to Luckin's falsification of financial records and misleading of the public.

China's finance ministry said earlier this year that Luckin booked 2.25 billion yuan of sales through fake coupons from April 2019 to end of 2019. The ministry's investigation also found that Luckin inflated other figures including its revenue, costs and profit in that same period.

The market regulator said a probe it launched in April found that Luckin violated Chinese laws on inappropriate competition by inflating its operational data, and also misled the public with faked statistics between August 2019 and April this year.

A total of 43 companies were fined for helping Luckin in these activities. Two Luckin entities were involved.

Luckin responded on its Weibo account on Tuesday that it respected the regulator's decision.

"We have carried out an overall rectification on the related issues," the company said: "We will further improve our operations according to related laws and regulations."

Luckin had positioned itself in China as a local and ambitious challenger to U.S. coffee chain Starbucks Corp. Luckin delisted from Nasdaq at the end of June after admitting to accounting fraud.

The company wound up an internal probe in July that found its revenue was inflated by around 2.12 billion yuan in 2019. During the investigation, Luckin sacked its CEO and COO.

(Reporting by Beijing newsroom; Writing by Se Young Lee; Additional reporting by Sophie Yu; Editing by Muralikumar Anantharaman and Raju Gopalakrishnan)


Stocks mentioned in the article
ChangeLast1st jan.
LUCKIN COFFEE INC. -4.45% 4.72 Delayed Quote.-87.45%
NASDAQ COMP. -0.28% 11484.694182 Delayed Quote.28.35%
STARBUCKS CORPORATION -0.27% 88.27 Delayed Quote.-0.36%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.24% 6.6405 Delayed Quote.-4.35%
WEIBO CORPORATION 1.58% 39.29 Delayed Quote.-16.55%
share with twitter share with LinkedIn share with facebook
All news about LONDON COFFEE
11:15aNestle's Organic Sales Growth Beat Consensus -- Earnings Review
DJ
09:36aNestlé Toughs It Out in the Kitchen
DJ
09:23aNestlé Toughs It Out in the Kitchen
DJ
06:34aPandemic-Era Shoppers Splurge on Vitamins, Boosting Nestlé Sales -- Update
DJ
03:35aNestle Lifts 2020 Guidance Following 3Q Sales Growth -- Update
DJ
02:04aNestle 9-Months Sales Fell; 2020 Guidance Raised
DJ
10/19Correction to Stocks That Defined the Week Article on Oct. 16
DJ
10/19COVID-19, low prices push Peru coffee output down 10%
RE
10/16STARBUCKS, JOHNSON & JOHNSON, TWITTE : Stocks That Defined the Week
DJ
10/15U.S. green coffee stocks fall for 2nd consecutive month -GCA
RE
More news
Chart LONDON COFFEE
Duration : Period :
London Coffee Technical Analysis Chart | MarketScreener
Full-screen chart