BEIJING, July 31 (Xinhua) -- China's finance, market regulation, and securities authorities will issue administrative penalties to the operating entities of Luckin Coffee Inc., two of its affiliates, and third parties assisting its illegal acts after an investigation confirmed that the coffee chain had engaged in financial fraud and false commercial publicity.
The Ministry of Finance said on Friday that its investigation, now completed, found that between April 2019 and the end of the year, Luckin Coffee inflated its sales revenue by 2.12 billion yuan (about 303.58 million U.S. dollars), 41.16 percent of its disclosed revenue, via fabricated voucher transactions.
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