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Luckin Coffee chairman ousted by shareholders: Bloomberg, citing report

Published 07/05/2020, 11:49 AM
Updated 07/05/2020, 11:50 AM
© Reuters. Charles Zhengyao Lu, non-executive chairman of Luckin Coffee, speaks during the company's IPO at the Nasdaq Market site in New York

(Reuters) - Luckin Coffee (OTC:LKNCY) Inc Chairman Charles Zhengyao Lu has been ousted by shareholders from the embattled coffee chain, just days after a proposal to remove him failed to get board approval, Bloomberg News reported on Sunday, citing Chinese web portal 163.com.

Three other board directors including Sean Shao were also removed at an extraordinary shareholders meeting in Beijing on Sunday, the report https://bloom.bg/38slTRo said.

Ying Zeng and Jie Yang will be added as independent board directors, the report added.

Luckin Coffee declined to comment.

Luckin stated just days ago that a proposal to remove Lu as chairman of the embattled coffee chain's board did not get the number of necessary votes from directors to pass.

The China-based coffee chain had earlier in the week wound up an internal probe into fake annual sales of about $300 million, following which several of Luckin's directors proposed the ousting of Lu.

Lu, who is the controlling shareholder of Luckin, is also the founder of auto-rental firm CAR Inc and Chinese ride-hailing firm Ucar Inc.

© Reuters. Charles Zhengyao Lu, non-executive chairman of Luckin Coffee, speaks during the company's IPO at the Nasdaq Market site in New York

During the investigation, Luckin sacked its chief executive and chief operating officers, who had previously held top positions at Lu's other firms.

Latest comments

Thus is hoing ti rocjet in the morning
I always find it hilarious the Chinese shills never comment on Luckin coffee articles. Where are you? We waiting...
on May 22 I bought 2,000 shares for $1,39 then on June 5 I sold them for $5.51, reallly good investment. Now I bought 2,000 more at $2.51.
They are listed and traded on the OTC exchange.
only penny stocks brokers allow u to trade unlisted. The penny stock markets r full of scammers. They run otc stocks up and down like crazy.
otc n penny stocks r unregulated. u Tim Sykes follower? Tim is One of the penny stocks manipulators. He ran them up n down, making millions from naive investors. There r thousands of people like Tim. Watch ‘wolf of wall street’.
There tons of chinese fraudulent companies listed in the US stock exchange to sabotage and cheat the American investors. Same as Chinese evil regime, all data release either by their government or companies are deep fake. Investors need to be very careful to speculate with Chinese commie backed companies.
Totally agree. They just inflate their share price and sell their own shares held by them at a huge margin
do not invest on china based company.
what do you expect.... from china
Such will be the case with most chinese stocks listed on US exchange; most of them are criminal fronts for the CCP and will be delisted.
Their stock got delisted. They dont even care to challenge it. Only loosers here are american investors holding toilet paper.
They scammed american investors billions and walked away scotch free.
damn..didn't get any scotch from it? bummer
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