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Companies

Luckin Coffee chairman defaults on loan, surrenders company shares

China's rival to Starbucks said last week it had fabricated sales

Charles Zhengyao Lu, chairman of Luckin Coffee, speaks during the company's IPO at the Nasdaq Market site in 2019.   © Reuters

HONG KONG/NEW YORK (Reuters) -- Luckin Coffee 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.

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