The move, coming after Luckin fired its chief executive officer last month, adds to the list of challenges facing Lu, who became a billionaire after his fast-growing Chinese coffee chain went public in the US.
XIAMEN: Luckin Coffee Inc’s board will require chairman Charles Zhengyao Lu to resign, adding to the fallout from an accounting scandal that has battered the one-time market darling.
The proposal was requested by a majority of directors and was based on the findings of an internal investigation, the Chinese company said in a filing.
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