A company linked to China's scandal-hit Luckin Coffee Inc is seeking fresh capital, sources said, highlighting the ripple effect of Luckin's fabricated transactions as the chairman of both firms scrambles to avoid a cash crunch.
) is seeking fresh capital, sources said, highlighting the ripple effect of Luckin’s fabricated transactions as the chairman of both firms scrambles to avoid a cash crunch.
UCAR Inc, founded by Charles Zhengyao Lu, is looking to sell its limited partner interest worth 1 billion yuan in Chinese private equity firm Centurium Capital’s yuan fund, people with knowledge of the matter told Reuters. The move comes as alleged fraud at Luckin has weighed on Lu’s interests and dented sentiment toward U.S.-listed Chinese stocks. Luckin on April 2 revealed much of its 2019 sales were fabricated, sending its shares down more than 80%. UCAR shares have also since fallen nearly 60%.
UCAR on April 17 said the scandal had prompted financial institutions and suppliers to demand payment, and that it was considering ways of avoiding a bigger liquidity hit.
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