China Issues Fines on Luckin Coffee for Fudging Data
- China’s finance ministry said coffee chain had inflated profit
- Fabricated data gave Luckin unfair advantage: Market regulator
A pedestrian walks past a Luckin Coffee outlet in the Qianmen area of Beijing.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
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Chinese regulators will impose penalties on Luckin Coffee Inc., after an official investigation into the beleaguered coffee chain’s accounting practices found evidence of data fudging going as far back as April 2019.