Famous Chinese coffee shop Luckin Coffee after a sales cheating scandal. It has recently paid a fine to the US SEC to settle the case.
Luckin Coffee, a Chinese coffee shop chain with sales cheating scandal The latest has beenPay the fineThe settlement of $ 180 million or approximately 5,400 million baht to the Securities and Exchange Commission or the US SEC has been completed.
Founded in 2017, the major Chinese coffee shop chain has secured an IPO on the NASDAQ stock market in 2019, which is considered the most-watched Chinese company in its expansion method. Technology for ordering coffee through an application Including trying to beat competitors in the Chinese coffee shop battle like Starbucks.
The US SEC has entered into this investigation. After it was reported that the famous coffee chain cheated sales in the second quarter of 2019, cheating 28% more than the actual sales figure, while the third quarter cheated the numbers up to 45%. It is the COO of the company. In addition, the CEO and the chairman are fired.
The US SEC has also asked for cooperation from the Chinese authorities to help investigate the matter. Although the relationship of these two superpowers is not very good But received good cooperation from agencies in China Including the Chinese authorities in the investigation of the case in China. In the end, the coffee chain was removed from the US stock exchange due to a sales fraud scandal.
The Luckin Coffee case is one issue that has prompted the US to enact a law that can remove publicly traded foreign companies. Because it was viewed that the investors were taken advantage of the case
Stephanie Avakian, director of regulatory requirements for the US SEC, said the company was listed on the US Stock Exchange. Whether the company is in any country It must not give false information or mislead investors. At the same time, it is a challenge for the US SEC to oversee it. Even if these companies are outside the US In order to protect investors
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