Luckin Coffee Inc.

An anonymous short seller report in early 2020 alleged inflated sales at Luckin Coffee. On 3 February 2020 Luckin categorically denied all allegations^S1. On 2 April 2020 it disclosed that its chief operating officer and staff had fabricated transactions, with sales of around RMB 2.2 billion, and told investors not to rely on prior financial statements^S2. In December 2020 the US Securities and Exchange Commission charged Luckin with fabricating more than US$300 million in sales. Luckin settled without admitting or denying and agreed to a US$180 million penalty^S3. Reports from 2025 say Luckin aims to relist in the US^S4^S5.

Also known as: Luckin Coffee, Ruixing Coffee
Headquarters: China
Records from: United States, China
Current status: Luckin Coffee was removed from Nasdaq in 2020 and had not returned to a US main board by October 2026 in the records found^S4^S5. Its chief executive said in November 2025 the company was pushing to relist, with no timetable^S5.

Scope. This record covers Luckin Coffee Inc., the Cayman Islands holding company of the Chinese coffee chain. It does not cover its shareholders or franchise partners.

Claims assessed

4 claims. Scores grade the evidence for each claim, not the organization.

Supported80
An anonymous short seller report in early 2020 alleged that Luckin Coffee inflated its sales.
Company statement, 3 February 20203 records citedAccounting
Contradicted84
Luckin Coffee said on 3 February 2020 that it categorically denied all allegations in the anonymous report and that the report's evidence was unsubstantiated.
Company statement, 3 February 20203 records citedDisclosure
Partly supported82
An undated Jiemian report said Luckin Coffee later paid US$180 million in penalties over the 2020 fabricated revenue.
Press report, Not shown on page3 records citedFraud
Unresolved51
Luckin Coffee's chief executive said in November 2025 that the company was actively pushing to relist on a US main board.
Press report, 13 November 20252 records citedCorporate status

Cases and proceedings

Securities and Exchange Commission v. Luckin Coffee Inc.US Securities and Exchange Commission, before the US District Court for the Southern District of New York. Civil. Press Release 2020-319.Stage: Settled without admitting or denying, approved by the court, penalties satisfied
- 4 February 2021 Court approves the settlement^S6.
- 3 February 2022 SEC notice that civil penalties are satisfied^S6.

Responses on record

Luckin Coffee Inc., 3 February 2020, on An anonymous short seller report in early 2020 alleged that Luckin Coffee inflated its sal...
Luckin called the report meritless and its methodology flawed.^S1
Luckin Coffee Inc., Not shown on page, on Luckin Coffee's chief executive said in November 2025 that the company was actively pushin...
Luckin said it remains committed to the US capital markets.^S4

Revision history

25 October 2026 Profile and 4 assessments first published. Records checked to 25 October 2026.

Source records

S6Tier B Luckin Coffee Inc. Form 20-F for the fiscal year ended 31 December 2023Luckin Coffee Inc. (Form 20-F, SEC EDGAR). Company filing. Fiscal year ended 31 December 2023, filed 2024.Company account of the court approval and the SEC notice that the penalties were satisfied. It does not say how much was offset by payments to security holders.
S1Tier B Luckin Coffee Responds to Anonymous Report Containing Misleading and False AllegationsLuckin Coffee Inc. (Form 6-K, SEC EDGAR). Company filing. 3 February 2020.Company denial of the anonymous report. It records the denial, not the facts.
S4Tier C Luckin Coffee CEO says company aims to relist in the US, but no timetable yetJiemian (reporter Song Jianan). Press report. Not shown on page.Reports relisting plans and Luckin's statement. No date is shown on the page, but it cites 2025 results. Its line on penalties paid is checked against the SEC and company records.Link working, checked 25 October 2026
S5Tier C Luckin Coffee seeks US relistingGlobal Corporate Restructuring. Press report. 13 November 2025.Reports the chief executive's relisting statement with no timetable. It does not cover the restructuring details.Link working, checked 25 October 2026
S2Tier B Luckin Coffee Announces Formation of Independent Special Committee and Provides Certain Information Related to Ongoing Internal InvestigationLuckin Coffee Inc. (Form 6-K, SEC EDGAR). Company filing. 2 April 2020.Company admission of fabricated transactions with preliminary sales of around RMB 2.2 billion. The company said the figure was not independently verified.
S3Tier A Luckin Coffee Agrees to Pay $180 Million Penalty to Settle Accounting Fraud ChargesUS Securities and Exchange Commission. Regulator press release. 16 December 2020.SEC charges and settlement without admitting or denying. It is not a finding of fact and does not show final payment.