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China: Luckin Coffee Shares Fall After $310M Potential Fraud

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Luckin Coffee has disclosed on Thursday that they made an internal investigation, and its chief operating officer fabricated their sales in 2019 by 2.2 billion yuan ($310 million).

The shares plummeted by 80% after they released the filing.

The Chief Operating Officer, Jian Liu, and other employees who were reporting to him were engaging themselves in misconduct and are now suspended. 

The company will be taking legal action for people who took part in it and are responsible for those conducts. Jian could not be found anymore for an interview.

Luckin is a two and a half-year-old company and has goals to overtake Starbucks in China, the top coffee chain currently in the country. 

The investors are not relying on their previous financial statements and earnings, which were released for nine months. They announced earlier that heir net sales for the first nine months of 2019 were 2.9 billion yuan ($413 million). 

In their statement, “As a result, investors should no longer rely upon the company’s previous financial statements and earnings releases for the nine months ended September 30, 2019, and the two quarters starting April 1, 2019, and ended September 30, 2019, including the prior guidance on net revenues from products for the fourth quarter of 2019, and other communications relating to these consolidated financial statements.

The company said that its investigation is still at its initial stage, and its independent auditor does not verify estimates of the fabrication of sales. Kirkland & Ellis will do their counseling and FTI Consulting for forensic accounting expertise.

Back in January, the Muddy Waters Research said that they found something fraudulent with their business.

On its official Twitter page, it said, MW is short $LK. We received an unattributed 89-page report alleging $LK is a fraud: “number of items per store per day was inflated by at least 69% in 2019 3Q and 88% in 2019 4Q, supported by 11,260 hours of store traffic video” We view the work as credible. 

However, Luckin replied and said that the seller’s report was false and misleading. The founder of Muddy Waters said Luckin shows precisely why we need short sellers in the market. We believed this report was credible when we read it, and that’s why we took a position. 

This is again a wake-up call for U.S. policymakers, regulators, and investors about the extreme fraud risk China-based companies pose to our markets.”

In May, Luckin started its trade on the Nasdaq, and since then, making it to the public market, it gave the company a market value of $1.3 billion. Furthermore, the company has tried a customer-based format and offering excellent discounts to the market. 

For January of this year, it already has more than 4,500 branches in China, a few hundred more than Starbucks in the country. Starbucks, on the other hand, responded to its competitiveness and opened more cafes in China for quick picks and delivery and less on seating capacities in their cafes.

Read More: Shenzhen: First City in China to Ban the Sale of Dog, Cat Meat

Abhishek is associated with PressReels and team for a long time as an Author and has a keen interest in sharing news and leaks related to technology.

Business

CROWN GOOSE LAUNCHES A 6 STAR HOTEL GRAND MERCURE ROOM PACKAGE

Asia’s one of most prominent Hotelplexes, Yongsan Dragon City Hotel Grand Mercure and global luxury goose down bedding brand Crown Goose collaborate to showcase Grand Mercure Crown Goose Suite Room Package from July 20th to August 31st.

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CROWN GOOSE LAUNCHES A 6 STAR HOTEL GRAND MERCURE ROOM PACKAGE

Asia’s one of most prominent Hotelplexes, Yongsan Dragon City Hotel Grand Mercure and global luxury goose down bedding brand Crown Goose collaborate to showcase Grand Mercure Crown Goose Suite Room Package from July 20th to August 31st.

CROWN GOOSE LAUNCHES A 6 STAR HOTEL GRAND MERCURE ROOM PACKAGE
CROWN GOOSE LAUNCHES A 6 STAR HOTEL GRAND MERCURE ROOM PACKAGE

Yongsan Dragon City Hotel is a part of Accor Hotel Group from France, and is the largest hotel in Korea with 1,700 rooms, 11 restaurants and bars. The hotel can accommodate up to 4,900 people. Yongsan Dragon City includes four brands: Grand Mercure, Novotel Suites, Novotel Ambassador, and ibis Styles Ambassador.

Crown Goose Suite Room Package is located in Grand Mercure, known as a 6-star hotel from the Accor Hotel Group. Grand Mercure has upto 3 bedrooms, full kitchen facility, and indoor golf course and an access to executive floor lounge.

Grand Mercure’s Crown Goose package room is decorated with royal gold color, which symbolizes success, elegance, and royal authority. This Grand Mercure Suite room displays the top 0.05% of Crown Goose clients’ favorite bedding items. The room package also includes gift box of towel sets.

CROWN GOOSE LAUNCHES A 6 STAR HOTEL GRAND MERCURE ROOM PACKAGE
CROWN GOOSE LAUNCHES A 6 STAR HOTEL GRAND MERCURE ROOM PACKAGE
CROWN GOOSE LAUNCHES A 6 STAR HOTEL GRAND MERCURE ROOM PACKAGE
CROWN GOOSE LAUNCHES A 6 STAR HOTEL GRAND MERCURE ROOM PACKAGE

Crown Goose, a global eiderdown brand has showcased “Crown Goose Room Package” in Hilton hotels before. Hilton’s ocean suite room, the highest room in Hilton accommodated a number of celebrities.

CROWN GOOSE LAUNCHES A 6 STAR HOTEL GRAND MERCURE ROOM PACKAGE
CROWN GOOSE LAUNCHES A 6 STAR HOTEL GRAND MERCURE ROOM PACKAGE

Located in the heart of Beverly Hills, Crown Goose is a goose down brand loved by the world’s top clients and super riches. Crown Goose’s recent clients included New York Manhattan Super Rich’s Residence, 15 Hudson Yards and many Beverly Hills mansions. Thanks to these facts, Crown Goose has established itself as a high-end luxury goose down comforter among the wealthy. 

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PENINSULA Unveils World’s First Official 8K Main Trailer!

(PRESSREELS) CONTENTS PANDA(Next Entertainment World), which presents PENINSULA released the world’s first official main trailer of 8K image quality at noon (Korean time) on June 16, 2020.

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PENINSULA Unveils World's First Official 8K Main Trailer!

Four years after ‘TRAIN TO BUSAN’, Connect with the survivors of the ‘PENINSULA’!

(PRESSREELS) CONTENTS PANDA(Next Entertainment World), which presents PENINSULA released the world’s first official main trailer of 8K image quality at noon (Korean time) on June 16, 2020. The trailer of PENINSULA, a 2020 Cannes Film Festival’s official invitation film, depicts the struggles of those who have survived in different ways for four years after TRAIN TO BUSAN.

PENINSULA Unveils World's First Official 8K Main Trailer!
↑(CLICK) Enjoy the PENINSULA more vividly with the world’s first official 8K Main Trailer

PENINSULA is an action blockbuster depicting the last battle for survival between the people left behind in the ruins of the Korean peninsula four years after Train to Busan. The upcoming PENINSULA trailer ahead of its worldwide premiere release in the summer of 2020 is full of such big scale action sequences and explosive thrills together with fast-sounding gunfights and car-chasing scenes.

In particular, the official trailer of PENINSULA, which has 8K image quality for the first time in the world, meets the technical specifications of all digital devices and delivers a high level of visual completeness to moviegoers around the world. The 8K trailer, which is 16 times clearer than the FULL HD image quality and 4 times clearer than the 4K image quality, can be enjoyed in 8K, 4K and HD according to the device’s specifications if the 8K main trailer via the NEW’s official channel on YouTube is selected as the highest specification (4320p 8K). Especially, viewers can watch them with a perfect picture quality without an extra setup from the YouTube app on Smart TVs that support either 4K or 8K.

This super high-definition trailer was created through the collaboration of NEW’s digital business corporation NEW ID and SK TELECOM. Among the media-focused core technologies of AI-based Post Production, a joint enterprise between the two companies, the technology called Supernova is a media upscaling solution (up to 8K) to improved quality of image and sound source based on the AI’s deep learning algorithms while maintaining the quality level of the original.

Movie Information

– Title: PENINSULA

– Director: YEON Sangho (Psychokinesis | Seoul Station | Train to Busan)

– Genre: Disaster, Zombie

– Cast: GANG Dongwon (Illang: The Wolf Brigade | A Violent Prosecutor)

LEE Junghyun (Love, Again | The Battleship Island)

– World Sales: CONTENTS PANDA (NEW)

– Production: REDPETER FILMS (Birthday | Psychokinesis | Train to Busan)

– Expected Release Date: Summer 2020

– Logline: 4 years after the inexplicable disaster, they’re returning to the godforsaken land!

– Synopsis

: Jung-seok barely managed to escape from the unprecedented disaster in Korea 4 years ago and lives in exile in Hong Kong by himself. He is given a lucrative chance to return to Korea to retrieve large bags of cash left abandoned in the streets of Seoul. His mission is infiltrated ruined city of Seoul and secure the target truck before the sunrise, then return to Hong Kong unscathed. But he and his team are ambushed by a militia known as Unit 631 and vicious zombie hordes. During his desperate struggle to survive, Jung-seok experiences a moment of deus ex machina as survivor Min-jung and her family save him from brink of death. Together, they formulate one last plan to escape the peninsula for good. The prodigal son, the survivor and the deranged, their bloody battle begins!

Trailer Link

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