Qian Zhiya, the Former Luckin Coffee CEO, Withdraws from the Legal Representative of Luckin Coffee Affiliates
Qian Zhiya stepped down as the legal representative, manager and executive director of St. Regis Coffee and remained the largest shareholder. Guo Jin, the acting CEO of Luckin Coffee, has taken over. Chen Min withdrew as the supervisor with Wu Gang taking the job. Qian Zhiya holds 83.33% of the shares and is the largest shareholder and ultimate beneficiary, whereas Chen Min holds 16.67% of the shares and is the second-largest shareholder. As previously reported, after the exposure of Luckin Coffee’s fraud, the company announced on the evening of May 12 that the board of directors had terminated the positions of CEO and COO. Guo Jinyi, the company’s director and senior vice president, was appointed as the acting CEO.