Founder of scandal-hit Luckin Coffee to cash out of rental car unit

Founder of scandal-hit Luckin Coffee to cash out of rental car unit

FILE PHOTO: A cup of 'Luckin Coffee' coffee is poured during the company's IPO at the Nasdaq Market site in New York, U.S., May 17, 2019. REUTERS/Brendan McDermid/File Photo

A company controlled by the founder of scandal-plagued Luckin Coffee Inc. has agreed to sell its 21.26% stake in one of China’s leading car rental firms, potentially raising $100 million or more for Lu Zhengyao as his business empire comes under growing financial stress.

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