ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Companies

Chinese regulators raid Luckin offices and seize documents

Watchdogs cooperate with US over fabricated-sales scandal

A Luckin Coffee store in Shanghai: The accounting scandal affects not just the Starbucks rival, but also other Chinese companies listed abroad and those seeking to go public, as it dampens the allure of China's high-growth startup bonanza. (Photo by Naoki Matsuda)

NEW YORK -- Chinese regulators have begun an investigation into Luckin Coffee, whose scandal involving fabricated sales figures is seen as risking the trustworthiness of other U.S.-listed companies from China.

Luckin confirmed the probe Monday via Weibo, China's Twitter equivalent, citing "market regulation authorities" -- an apparent reference to the State Administration for Market Regulation, which reportedly is involved at the request of the U.S. Securities and Exchange Commission. The SEC declined to comment.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more