China fines Luckin Coffee, associated firms combined 61m yuan

[BEIJING] China's markets regulator said on Tuesday it has fined a group of 45 firms including Luckin Coffee a combined 61 million yuan (S$12.2 million) for acts linked to Luckin's falsification of financial records and misleading of the public.

China's finance ministry said earlier this year that Luckin booked 2.25 billion of sales through fake coupons from April 2019 to end of 2019. The ministry's investigation also found that Luckin inflated other figures including its revenue, costs and profit in that same period.

REUTERS