UPDATE 1-Luckin Coffee chairman defaults on loan, surrenders company shares [Reuters]
Luckin Coffee Inc. (LK)
Last luckin coffee inc. earnings: 11/13 06:00 am
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Source: Reuters
Luckin Coffee chairman defaults on loan, surrenders company shares HONG KONG/NEW YORK (Reuters) - Luckin Coffee ( LK.O ) Chairman Charles Zhengyao Lu and Chief Executive Jenny Zhiya Qian have handed over shares in the embattled Chinese coffee chain to lenders after a company controlled by Lu’s family defaulted on a $518 million margin loan, one of the banks said on Monday. The default comes after Luckin, a major rival to Starbucks in China, said last week that much of its 2019 sales were fabricated, sending its shares plunging as much as 82% in U.S. trading and sparking an investigation by China’s securities regulator. Some 515,355,752 class B shares and 95,445,000 class A shares of Luckin had been pledged to secure the loan, including shares additionally pledged by the family trust of Qian, Goldman Sachs Group Inc ( GS.N ), one of the banks on the loan, said in a note to clients on Monday proposing a sale of the shares. Luckin declined to comment. Lu Zhengyao did not immediately
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