MILAN – Luckin Coffee Inc.confirmed Monday that it its being investigated by China’s top business and commerce regulator as its Nasdaq-listed shares continued to be suspended following revelations earlier this month that much of its 2019 sales were fabricated.
More than a dozen officers from the State Administration for Market Regulation (SAMR) descended on Luckin Coffee’s headquarters in Xiamen on Sunday as part of a multi-agency investigation, demanding full access to the company’s accounts, transaction records and internal systems, said sources quoting a person familiar with the matter.
Luckin Coffee confirmed that it was being inspected by the SAMR in a post on its official Weibo account on Monday, saying that it was “actively cooperating” with the regulator.
The China Securities Regulatory Commission (CSRC) was said to have sent investigation teams to the company, according to a report by Tencent Technology, a news site operated by Chinese web giant Tencent Holdings.
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