On February 17, Geely’s electric automobile brand Zeekr denied recent accusations of sales fraud on social media. The Chinese company has already filed for a U.S. initial public offering.
On November 7, Sean Ma, the founder of Snow Lake Capital, a hedge fund that reportedly produced a damning 2020 short report on Luckin Coffee, released another research report claiming that "the rebirth of Luckin Coffee is a miracle in Chinese business history!"
A new pass-through mini game named "Yang Le Ge Yang," translated as "Sheep A Sheep," has become a national online sensation on China's social media in recent days. However, it has aroused controversy over its profitability and game rules.
Cyberspace Administration of China now requires social platforms and short video platforms such as Tencent's QQ and Kuaishou to implement content management and continuously investigate and dispose of fraudulent information, group chats and accounts.
In the early morning of Friday, December 17th, Chinese coffee company Luckin Coffee's debt restructuring plan received recognition from a federal judge in Manhattan.
A Chinese Tesla Model S owner who formerly won a fraud case against the EV firm posted on Weibo on Sunday, saying that he has been sued by Tesla for infringing the firm's reputation.
The fraud scandal hasn’t knocked Luckin out of the ring: today, it remains China's second-largest coffee chain. How did Luckin survive the turmoil?
On Monday, Chinese streaming video service Le.com reported that the China Securities Regulatory Commission (CSRC) had fined the company 240 million yuan ($37 million) for a financial fraud running from 2007 to 2016.
The State Administration for Market Regulation announced on Tuesday morning that it has fined two Luckin entities and 43 third-party companies a combined 61 million yuan (around $9 million).