Luckin scandal ‘heavy blow’ for US-listed Chinese companies

Apps of Starbucks and luckin coffee Photo: VCGThe accounting scandal at Luckin Coffee may have knock-on effects, as the case may not only lead to bankruptcy for the company itself but also deal a heavy blow to other US-listed Chinese enterprises – as well as those that are planning IPOs in the US, analysts said.Given the sensitive timing, with the US market hit hard amid the viral epidemic, the Luckin case will exert a negative impact on Chinese companies in various sectors that are listed in the US, Zhang Yi, CEO of Shenzhen-based iiMedia Research, told the Global Times on Monday.”It will str…

Read More