Luckin Coffee Scandal Auditor . One of the company’s major shareholders is none other than gic, one of the singapore government’s investment arms, owned 5.37% of the chinese company as recently as march 2020. Also troubling was luckin's heavy spending to attract customers with free coffee and deep markdowns.
The luckin scandal is a stark reminder that america’s investor class still stands to lose fortunes in dealing with the poorly regulated business environments of developing countries. Our mission is to be part of everyone’s everyday life, starting with coffee. Also troubling was luckin's heavy spending to attract customers with free coffee and deep markdowns.
Luckin coffee’s shares plunged 76% thursday, followed by a 16% drop to $5.38 friday.
China’s upstart luckin coffee wowed investors with astonishing growth and an ambitious narrative that it was a successful challenger to starbucks in the making.and then it all blew up in an unexpected way. (caixin) the financial fraud scandal at china’s largest coffee chain luckin coffee raised questions about the responsibilities of auditors of foreign companies listed on u.s. Luckin coffee scandal sparks demand from chinese tech firms for auditors to check online metrics data. Our mission is to be part of everyone’s everyday life, starting with coffee.