China Stocks Face Increased Scrutiny After TAL Education And Luckin Coffee Reveal Inflated Sales [Forbes]
Luckin Coffee Inc. (LK)
Last luckin coffee inc. earnings: 11/13 06:00 am
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Source: Forbes
Zhang Bangxin of TAL speaks during 2019 Global Summit on November 25, 2019 in... [+]Beijing, China.VCG/VCG via Getty ImagesChinese companies seeking financing in the U.S. are coming up against increased scrutiny after accounting scandals emerged from two high-profile firms, casting doubts over plans for new listings and other financing plans.TAL , a New York-listed education firm run by Chinese billionairerevealedwiping outTAL said the employee in question was taken into police custody, and the affected business unit, called Light Class, accounted for 3% to 4% of its annual revenue.The announcement came less than a week after Luckin Coffee, a Xiamen-based chain that once positioned itself as a challenger to Starbucks, admitted that more than $300 million of last year’s sales had been fabricated. Analysts say the scandals will undermine investors’ confidence in Chinese firms, adding to the challenges of raising capital in an already difficult market.“There is no denying that investor
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