How Luckin Coffee Defrauded $864 Million
发布时间 2021-11-20 04:00:07 来源
摘要
I’m sure ya’ll have all heard about the drama surrounding the delisting of Chinese companies if they don’t comply with US auditing requirements. And though the media often frames this as a political move, there is legitimate concern fueling this push. Almost every year, we see one or two fraudulent Chinese companies popping up and defrauding hundreds of millions from American investors. One of these companies was an up-and-coming coffee company called Luckin Coffee. Luckin Coffee was founded by a man named Lu Zhengyao who is regarded as a phenomenal businessman in China. He had succeeded in several industries and it seemed like he was the best person to take on Starbucks. Luckin Coffee even had high-profile connections like a partnership with Tencent and investors such as BlackRock and the Singapore commonwealth fund. Luckin Coffee was also super popular within China, but even all of this was not enough to make the company profitable or grow as fast as anticipated. So, executives at Luckin turned to inflating their numbers. Unfortunately for Luckin though, it didn’t take long for investors to find out. The SEC would fine Luckin Coffee, they would be delisted from the American stock market, and their stock would plummet to less than $1 per share. This video explains the rapid rise and fall of one of the most infamous Chinese frauds in recent history: Luckin Coffee.
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Timestamps:
0:00 - Delisting Chinese Companies
0:59 - Lu Zhengyao
2:32 - Luckin Coffee
4:30 - Fighting Starbucks
7:18 - Too Good To Be True
9:55 - The Aftermath
Thumbnail Credit:
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Resources:
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