Luckin Coffee. Dismissal at the top at the “Chinese Starbucks”

It’s a lesson in terms of rushed investment. Oversupply of cash in the U.S. seeking a home pushed investors to rush into Chinese mobile applications, convinced at all costs that a population of 1.4 billion people must provide rich returns. In mid-May, the Luckin coffee chain removed the C.E.O. Jenny Zhiya Qian and the C.O.O. Jian Lui. Fraud was uncovered as declaring false sales of US$310 million during 2019. Six other executives involved were suspended. The NASDAQ-listed “Chinese Starbucks” st