Millions of people are returning home following the Thanksgiving holiday in the United States. "I've been in deep pain and remorse," Lu said in a statement on Wednesday, which was widely reported by multiple Chinese media outlets, including The Paper and China Business Network, both owned by state-controlled corporations. Whatever happens, Lu said he will "spare no effort" in minimizing shareholders' losses. Read about our approach to external linking. Most stock quote data provided by BATS. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Luckin Coffee confirmed on its official Weibo account that it was being inspected by the State Administration for Market Regulation (SAMR). Nasdaq informed the company of its plans to remove the company's shares from the exchange. If the company is delisted, it will surely face more difficulties and increased pressure," he added. NZ files charges over White Island volcano disaster, Biden announces all-female senior press team, The mafia plundered hospitals - then Covid-19 hit, The Grand Tour: 'Eventually, one of us will snap'. VideoCoronavirus: How do you vaccinate the world? Founded in 2017, Luckin has opened stores at a breakneck pace. Hong Kong (CNN Business)Luckin Coffee's co-founder says he is losing sleep over Wall Street's decision to delist his company, and that he'll do what he can to ensure its survival. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. The accounting scandal at Luckin is seen as clouding the prospects for other Chinese companies considering selling shares in the US. Source: Luckin Coffee scandal highlights murky standards of China Inc. – Nikkei Asian Review Luckin Coffee hasn’t publicly said that it wants to go private, but speculation persists that this would be the best option for the beleaguered company. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. China's Luckin Coffee slumps on 'fake' data news, Coronavirus: How do you vaccinate the world? The Nasdaq listing had been one of China's few successful American stock market debuts of 2019. The BBC is not responsible for the content of external sites. One of China's most powerful regulators has raided the offices of Luckin Coffee after opening an investigation into the scandal-hit firm. Luckin Coffee's co-founder insisted he "didn't play tricks" in order to cheat investors. Luckin Coffee co-founder apologizes for accounting scandal and promises fight to save the company By Sherisse Pham and Laura He , CNN Business Updated 9:22 AM ET, Thu May 21, 2020 Its stock is currently worth $2.82 — less than the price of a Luckin latte in China. Luckin Coffee fired its CEO after the Chinese homegrown rival to Starbucks was found to have fabricated sales. It was primarily valued on revenue growth and its ability to show a path to profitability . "I can't sleep at night. All times are ET. The firm's shares slumped this month after it … Video, White Island volcano: NZ officials charge 13 parties over tragedy, Covid: Fauci warns of 'surge in cases' post Thanksgiving, Diego Maradona: Police raid house and clinic of doctor, Italy's Calabria has two pandemics: Covid and the Mafia, Canada bans mass exports of prescription drugs, Covid infections in England fall by 30% over lockdown - React study, Pogues singer Shane MacGowan to be subtitled in new film about his life, British mercenaries investigated over Sri Lanka war crimes. The boy who swapped his piano for a gun. That represents an almost six-fold increase since June 2018. The firm's shares slumped this month after it revealed that it had uncovered $310m (£250m) in fake transactions. Video. The Nasdaq exchange said the shares would remain halted until Luckin had fully satisfied its request for additional information. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Luckin vowed to overtake Starbucks as China's biggest coffee chain when it launched shares in the US last year. Factset: FactSet Research Systems Inc.2018. Coronavirus: How do you vaccinate the world? He asked for people from all walks of life to go easy on Luckin Coffee and support the company, noting that "tens of thousands of employees are still working hard.". .css-8h1dth-Link{font-family:ReithSans,Helvetica,Arial,freesans,sans-serif;font-weight:700;-webkit-text-decoration:none;text-decoration:none;color:#FFFFFF;}.css-8h1dth-Link:hover,.css-8h1dth-Link:focus{-webkit-text-decoration:underline;text-decoration:underline;}Read about our approach to external linking. That's good for this company, Uber Eats' new ad pits Luke Skywalker against Capt. The company also said it was "actively co-operating" with the probe, and that its stores remained open across the country. .css-1hlxxic-PromoLink:link{color:inherit;}.css-1hlxxic-PromoLink:visited{color:#696969;}.css-1hlxxic-PromoLink:link,.css-1hlxxic-PromoLink:visited{-webkit-text-decoration:none;text-decoration:none;}.css-1hlxxic-PromoLink:link:hover,.css-1hlxxic-PromoLink:visited:hover,.css-1hlxxic-PromoLink:link:focus,.css-1hlxxic-PromoLink:visited:focus{color:#B80000;-webkit-text-decoration:underline;text-decoration:underline;}.css-1hlxxic-PromoLink:link::after,.css-1hlxxic-PromoLink:visited::after{content:'';position:absolute;top:0;right:0;bottom:0;left:0;z-index:2;}China's Luckin Coffee slumps on 'fake' data news, Coronavirus: Starbucks bans reusable cups to help tackle spread, Coronavirus: Starbucks closes 2,000 Chinese branches, Fauci warns of post-Thanksgiving US Covid surge. Luckin Coffee did not immediately respond to a request from the BBC for further comment. The accounting scandal at Luckin Coffee, a start-up that aimed to displace Starbucks in China, has caught out several of the world’s most powerful investors. Coronavirus: How do you vaccinate the world? China's Luckin Coffee has sacked two of its top bosses after new evidence came to light about an accounting scandal. © 2020 BBC. As of the end of September the coffee chain had 3,680 stores, according to its third quarter 2019 earnings release. The firm said its chief executive and … All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. Earlier this month Luckin said it had suspended its chief operating officer Jian Liu and staff reporting to him. The boy who swapped his piano for a gun. Picard, Imperfect Foods' business is booming during the pandemic, See Burger King's new three-lane (yes, 3!) Shares in the company resumed trading on Wednesday, and fell nearly 36%. The Xiamen-based company said on Monday that it has requested a hearing on the delisting notice, and the stock will remain on Nasdaq until the hearing, which should take place within the next 30 to 45 days. The firm's share were suspended from trade on 7 April. Even on its now discredited numbers, Luckin was heavily lossmaking. 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