Tycoon Behind Luckin Loses $1 Billion After Accounting Scandal
A Luckin Coffee Inc. branded cup
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
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The accounting scandal at Starbucks Corp.’s biggest competitor in China triggered a rout in shares linked to the company’s chairman, wiping out most of his wealth and knocking the tycoon out of the ranks of China’s billionaires.