BEIJING, China – Two of the shareholders of Luckin Coffee are asking to reverse part of the boardroom changes decided in July following the ouster of the company’s co-founder and chairman, as Chinese regulators prepare to impose sanctions to the operating entities of Luckin Coffee Inc. and two of its affiliates.
Lucky Cup Holdings and Fortune Cup Holdings made a formal requisition to reinstate Sean Shao and remove Jie Yang and Ying Zhen as independent directors, the company said in US exchange filings on Monday.
The two companies are units of Hong Kong-based Centurium Capital, which is ultimately controlled by Li Hui, who was last reported to own 11.7 per cent of the voting power, according to its IPO prospectus.
The Board had reviewed the Requisition and decided to convene an Extraordinary General Meeting of the Company on September 2.
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