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Scandal-hit Luckin Coffee Gets Investment again
Published on: 2021-04-16
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Luckin Coffee Inc., the disgraced Chinese coffee chain once seen as a rival to Starbucks Corp., replaced its auditor and said it secured $250 million in funds from a pair of private equity firms.
 

The company’s board approved the appointment of Hong Kong-based Centurion ZD CPA & Co. as auditor effectively immediately, according to a statement Thursday. Marcum Bernstein & Pinchuk LLP, the company’s previous auditor, “believes that it has not gathered sufficient independent third-party data or conducted sufficient audit procedures to complete the audit,” Luckin said.
 

The coffee chain and its former auditor “have no disagreements on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure,” according to the statement. Luckin has implemented remediation measures to its internal controls and is working with CZD to file annual reports for 2019 and 2020 as soon as possible.
 

“Luckin was already one of the most unusual situations we’d ever seen,” Quo Vadis Capital analyst John Zolidis said in a note. “This continued today as the company announced a change in auditor, with the previous auditor apparently unable or unwilling to complete the job.”
 

The developments mark the latest twists in a tumultuous saga for Luckin, which is trying to regain its footing after a spectacular fall from grace. The once fast-growing company last year acknowledged that it intentionally fabricated more than $300 million in sales, an admission that would lead to the firing of its chairman and chief executive officer, hundreds of millions in fines from Chinese and U.S. regulators, and the delisting of its stock by Nasdaq. Luckin filed for Chapter 15 bankruptcy in New York in February.
 

瑞幸咖啡再获2.5亿美元投资

深陷财务造假的瑞幸咖啡在经历了近一年的沉淀后,宣布再获投资。

4月15日,瑞幸咖啡发布公告,宣布与公司股东大钲资本和愉悦资本达成了总额为2.5亿美元的新一轮融资协议,其中大钲资本领投2.4亿美元,愉悦资本投资1000万美元。并且在特定条件下,大钲资本和愉悦资本可按比例再追加1.5亿美元投资。

本轮融资,将主要用于瑞幸咖啡海外债务重组计划,以及履行与美国证券交易委员会(SEC) 达成的和解协议。新一轮融资协议的达成,有利于进一步优化公司的财务结构,以推进公司核心业务的发展,实现长期增长目标。未来,瑞幸咖啡将进一步优化运营服务,继续坚持产品和技术创新,为消费者提供高品质、高性价比、高便利性的好咖啡。

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