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China fines Luckin Coffee, associated firms combined $9 million

Published 09/21/2020, 10:51 PM
Updated 09/21/2020, 10:55 PM
© Reuters. A woman leaves a store of the Chinese coffee house chain Luckin Coffee in Beijing

© Reuters. A woman leaves a store of the Chinese coffee house chain Luckin Coffee in Beijing

BEIJING (Reuters) - China's markets regulator said on Tuesday it has fined a group of 45 firms including Luckin Coffee (OTC:LKNCY) a combined 61 million yuan ($8.98 million) for acts linked to Luckin's falsification of financial records and misleading of the public.

© Reuters. A woman leaves a store of the Chinese coffee house chain Luckin Coffee in Beijing

China's finance ministry said earlier this year that Luckin booked 2.25 billion of sales through fake coupons from April 2019 to end of 2019. The ministry's investigation also found that Luckin inflated other figures including its revenue, costs and profit in that same period.

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