BEIJING - Luckin Coffee, a Starbucks rival in China, said Saturday it will delist from the Nasdaq following a massive fraud scandal that sent its share price plummeting.
Liu has been accused of faking 2.2 billion yuan worth of sales in 2019, the company revealed in April, sending its shares into freefall. It had hoped to dethrone Starbucks in China by pursuing an aggressive growth strategy, enticing customers with an app-based purchasing model which prioritised takeaway and delivery options, and generous mobile coupons.
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