Chinese regulators said they would penalise Luckin Coffee after confirming accounting fraud that has already forced the company to delist from the U.S. Nasdaq exchange.
The Ministry of Finance, which began an investigation into Luckin Coffee and Luckin Coffee in early May, found Luckin booked 2.25 billion yuan of sales through fake coupons from April 2019 to the end of last year, it said in a statement on its website on Friday.It also found Luckin inflated sales by 2.12 billion yuan during the period, while costs were inflated by 1.2 billion yuan and profits by 908 million yuan.
The State Administration for Market Regulation said in a separate statement, again without giving details, that it too would take action against the two domestic entities of Luckin and related third party companies that helped Luckin with the false promotion. The China Securities Regulatory Commission said in April that it had initiated talks to cooperate with the SEC on a possible investigation into Luckin.
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