Luckin Coffee

The company has released its 2020 fiscal report, which shows narrowing losses.

The embattled Chinese coffee chain’s fabricated revenues increased from Q2 2019 through the rest of the year.

Lu Zhengyao has reformed his strategic preference for capital-intensive subsidies in favor of a patient and measured approach.

Lu was booted from Luckin and evaded criminal charges. Now, he’s about to launch a 500-store noodle chain.

The company plans to use the money to facilitate its proposed offshore restructuring and fulfill its obligations under the USD 180 million settlement with the US SEC.

Despite a financial scandal, Luckin has kept all its stores in China open and stayed in business, paying suppliers and employees.

The pandemic accelerated tech trends that will continue to dominate daily life in 2021.

In September, Luckin was fined USD 8.83 million in China.