China cracks down on fraud and tries to clean up image with Luckin probe
Evelyn Cheng, 25 February 2021
In a period fraught with tensions with the U.S., China is trying to show it’s being serious about tackling fraud. Nasdaq-listed Luckin Coffee said Monday it was cooperating with regulators, following reports of government investigation into the company over recently disclosed financial fraud.
The rare crackdown comes after an update to China’s securities law took effect in March. A new clause said the Chinese government will take legal action against overseas securities issuance and trading activity that hurts domestic investors. Continue reading “Article: China cracks down on fraud and tries to clean up image with Luckin probe”
