Luckin Coffee's Hangzhou store closed
Recently, Hangzhou Luckin Coffee Greenland Changle Store posted a closing notice. The announcement stated that it was suspended due to equipment maintenance and line renovation.
Original: Click here
Luckin Coffee Has Achieved an Overall Breakeven in July 2020
Luckin Coffee: Yang Jie and Zeng Ying Resign as Directors
WeDoctor Postpones Hong Kong IPO to 2021
WeDoctor plans to go public on the Hong Kong Stock Exchange at a valuation of USD 10 billion at the end of 2020 or the beginning of 2021, according to people familiar with the matter.
Earlier this year, rumor had it that the Internet-based healthcare platform would submit its prospectus during the third quarter of 2020, at an estimated valuation of USD 5.5 billion for fundraising of USD 700 – 900 million.
The plan was postponed partly because Credit Suisse may not become the co-sponsor for WeDoctor’s Hong Kong IPO after Luckin Coffee's financial fraud earlier this year.
As early as May 2018, WeDoctor closed a pre-IPO strategic fundraising for USD 500 million, which remains the largest pre-IPO deal in the Chinese telehealthcare industry. The company would consider an IPO from a long-term perspective and the market climate would not be impacted significantly, according to Mr. Chen Hong, the Chief Strategy Officer of WeDoctor.
As one of the pilots in Chinese telehealthcare, WeDoctor has established a closed business circuit, connecting Internet hospitals, general practices, healthcare malls, insurance and a cloud platform.
Former Luckin Chairman Charles Lu Loses Control Over the Company
According to the Wall Street Journal, on July 9, a court in the British Virgin Islands granted an application by banks to finish up an entity controlled by Charles Lu’s family – Haode Investment. KPMG is assigned as the liquidator of the assets. Since a similar court order last month, KPMG currently owns about 18% of Luckin’s Class A shares, which makes it the largest shareholder of Luckin Coffee (OTCMKTS: LKNCY).
Mr. Lu, who was the previous largest shareholder of Luckin, defaulted on a $533 million margin loan from banks, including units of Credit Suisse Group, Morgan Stanley, Goldman Sachs Group, Barclays and Haitong International after the disclosure of Luckin’s 2019 fabricated sales of 2.2 billion CNY. The scandal made its American depositary shares plunge in value, dropping from $ 12 billion in January to less than $1 billion.
On Monday, Luckin announced that Mr. Lu had stepped down from the chairman post and would no longer be a director on its board after last week’s shareholder meeting. The new director will be Jinyi Guo, who also used to be Luckin’s permanent chief executive.
Luckin Coffee to Disclose Annual Report of 2019
Luckin Coffee Appoints Guo Jinyi as the New CEO and Chairman
Lu Zhengyao Steps Down as the Chairman of Luckin Coffee
Lu Zhengyao Continues to Serve as Chairman of Luckin Coffee
Luckin Coffee to Delist, But Continues Operating
Luckin Coffee Receives a Delisting Notice from Nasdaq as the Annual Report is not Submitted
EqualOcean is an international information service provider and investment research firm that aims to become a global platform for industrial innovation.
We strive to make technology inclusive, accessible and transparent.
Join over 70,000 of your peers
9 Xiaguangli, 10F Block A CEC Development Mansion, Chaoyang Dc, Beijing 100125, China
A002, 5F, Ai Tower, 701 Yunjin Road, Xuhui Dc, Shanghai 200232, China
800 Third Ave, 28F, New York, NY 10022, USA
Interviews with analysts
Products & prices
Customers & evaluation
Copyright ©2020 EqualOcean.com. All rights reserved.