(Bloomberg) — The fallout from Luckin Coffee Inc.’s accounting scandal is spreading far beyond the high-flying Starbucks challenger, with renewed concerns about Chinese corporate governance dragging down stocks across industries and threatening to bring a halt to the country’s overseas initial public offerings.The Xiamen-based company’s announcement that its chief operating officer and some underlings may have fabricated billions of yuan in sales cast doubt on what was supposed to be one of China’s fastest-growing companies. Luckin Coffee shares plunged as much as 81% in U.S. trading and CAR Inc., a rental company founded by Luckin Coffee’s chairman, sank 54% in …read more
Source:: Yahoo Finance
