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.
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 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.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor
Comments
0 comment