“We will deliver the nation’s election mail on time and within our well-established service standards,” DeJoy said, vowing at least a temporary halt to what he called “operational initiatives” that triggered the most alarm.
BEIJING, Sept. 23, 2020 (GLOBE NEWSWIRE) — Luckin Coffee Inc. (the “Company” or “Luckin Coffee”) (OTC:LKNCY) today announced the receipt of penalty decisions (the “Penalty Decisions”) from the Chinese State Administration for Market Regulation and certain of its sub-bureaus (collectively the “SAMR”). The SAMR imposed an aggregate fine of RMB61.0 million on two Luckin Coffee entities and certain implicated third-party companies (“Implicated Companies”) due to their involvement in the fabricated transactions, which the Company disclosed in its press release on April 2, 2020 (the “Fabricated Transactions”). Pursuant to the Penalty Decisions, the conduct related to the Fabricated Transactions violated the PRC Anti-Unfair Competition Laws.
The Company is fully committed to cooperating with the SAMR, and will dedicate all necessary resources to ensure full compliance by the Implicated Companies with the Penalty Decisions.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the