SEC: Luckin Coffee Agrees To Pay $180 Million Penalty To Settle Accounting Fraud Charges Date
16/12/2020
The Securities and Exchange Commission today charged China-based company Luckin Coffee Inc. with defrauding investors by materially misstating the company’s revenue, expenses, and net operating loss in an effort to falsely appear to achieve rapid growth and increased profitability and to meet the company’s earnings estimates. Luckin, whose American Depositary Shares traded on Nasdaq until July 13, 2020, has agreed to pay a $180 million penalty to resolve the charges.
The SEC’s complaint alleges that, from at least April 2019 through January 2020, Luckin intentionally fabricated more than $300 million in retail sales by using related parties to create false sales transactions through three separate purchasing schemes. According to the complaint, certain Luckin employees attempted to conceal the fraud by inflating the company’s expenses by more than $190 million, cr
PolyU to confer Honorary Doctorates upon Three Distinguished Individuals
Share Article
The Hong Kong Polytechnic University (PolyU) announced that the University will confer honorary doctorates upon three distinguished individuals in recognition of their outstanding achievements in the fields of finance, scientific research, education and public health as well as their remarkable contributions to society. The three recipients are (in alphabetical order of surname): Mrs Laura CHA, GBM, GBS, JP, Professor XU Ningsheng and Professor ZHONG Nanshan.
Dr LAM Tai-fai, Chairman of Council, PolyU, said, “We are very excited to welcome them as new members of the PolyU family. Their extraordinary accomplishments, as well as their selfless and outstanding contributions to society deserve our utmost respect.”
FOR IMMEDIATE RELEASE Washington D.C., Dec. 16, 2020
The Securities and Exchange Commission today charged China-based company Luckin Coffee Inc. with defrauding investors by materially misstating the company’s revenue, expenses, and net operating loss in an effort to falsely appear to achieve rapid growth and increased profitability and to meet the company’s earnings estimates. Luckin, whose American Depositary Shares traded on Nasdaq until July 13, 2020, has agreed to pay a $180 million penalty to resolve the charges.
The SEC’s complaint alleges that, from at least April 2019 through January 2020, Luckin intentionally fabricated more than $300 million in retail sales by using related parties to create false sales transactions through three separate purchasing schemes. According to the complaint, certain Luckin employees attempted to conceal the fraud by inflating the company’s expenses by more than $190 million, creating a fake operations database, a
By Reuters Staff
2 Min Read
BEIJING/SHANGHAI, Dec 16 (Reuters) - China should consider imposing a digital tax on technology companies that hold copious amounts of user data, a securities watchdog official was quoted as saying by Beijing News, in the latest sign of widening government scrutiny of the sector.
“Some third-party platform-like enterprises hold a large amount of users data, just like holding precious mineral mines,” the government-back newspaper cited Yao Qian, science and technology supervision bureau chief at the China Securities Regulatory Commission (CSRC), saying at a forum held in Beijing.
Yao said the value of the platform-like enterprises was created by their users, and users are supposed to share the profits with those enterprises.
《行內行外－梁崇讓》作為與不作為（二） - 經濟通 ET Net etnet.com.hk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from etnet.com.hk Daily Mail and Mail on Sunday newspapers.