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Fraud at China’s Luckin Coffee is a warning for investors

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Charles Zhengyao Lu, chairman and founder of Luckin Coffee, and Jenny Qian Zhiya, chief executive officer of Luckin Coffee, ringing the opening bell during the company’s initial public offering (IPO) at the Nasdaq in New York, on May 17, 2019.

Victor J. Blue | Bloomberg | Getty Images

The Luckin Coffee fraud scandal was a “great morality tale” for markets, and more needs to be done to protect American investors from such cases, said an analyst, who said a bill to delist Chinese companies in the U.S. is essentially toothless.

“It’s a great morality tale. It seems to me that those of us who spent time in China could see from very early on that Luckin was inflating its numbers,” Anne…



Source cnbc.com

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