China regulator condemns Luckin Coffee financial misconduct, says will investigate

China regulator condemns Luckin Coffee financial misconduct, says will investigate

© Reuters. A deliveryman walks past a closed Luckin Coffee store at Sanlitun in Beijing

BEIJING (Reuters) – China’s securities regulator said on Friday it strongly condemns financial misconduct by Luckin Coffee .

The China Securities Regulatory Commission (CSRC) also said in a statement it will investigate the issue according to the law and resolutely crack down on securities fraud activities.

Shares of Luckin Coffee Inc (O:) sank as much as 81% on Thursday after the Chinese coffee chain said an internal investigation had shown that its chief operating officer and other employees fabricated sales transactions.

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