China's Luckin Coffee plans store expansion, says it's committed to US market

China's Luckin Coffee plans store expansion, says it's committed to US market

A customer collects coffee beverages from a counter at a Luckin Coffee outlet in Beijing, China, on Tuesday, Jan. 15, 2019. Photographer: Gilles Sabrie/Bloomberg

Two years after it was forced to withdraw from the Nasdaq for an accounting fraud, China’s Luckin Coffee believes it has emerged from its “darkest moment”, and said it remains committed to US capital markets as it expands its stores and sales.

Luckin admitted in 2020 that about $310 million of its sales were fabricated in the previous three quarters, bringing the coffee maker to the brink of collapse after having blazed a trail as a homegrown challenger to U.S. coffee giant Starbucks.

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