Luckin Coffee shares down 75% after fraud revelations
Luckin Coffee Inc's shares crashed more than 75 percent after the company revealed an internal investigation that alleged its COO was involved in 2.2 billion yuan ($310 million) in fabricated transactions over the past year.
The company said on April 2 the internal probe revealed the aggregate sales amount associated with the fabricated transactions from the second quarter of 2019 to the fourth quarter of 2019 amounted to around 2.2 billion yuan.
Jian Liu, the chief operating officer and a director of the company, and several employees reporting to him, had engaged in certain misconduct, including fabricating certain transactions, according to the statement.
Luckin said the employees involved have been suspended and Luckin has terminated contracts and dealings with the involved parties.
China Securities Regulatory Commission said on Friday in a statement that the commission is deeply concerned about Luckin's fraud and has strongly condemned its fabricated transactions behaviors.
Zhejiang and Guangdong saw the highest growth in permanent resident population according to data from the 21st Century Economic Research Institute in 2017 through 2019, the 21st Century Business Herald reported on Friday.
In the three years, immigrants increased by 651,000 and 569,900 in the two provinces, making them the biggest winners in talent contest, reflecting the accelerating trend that population in China is migrating toward the South, the research institute analyzed.
Zhejiang and Guangdong has replaced Tianjin and Beijing in northern China as new destinations for migrants.
Behind the population mobility is the change in economic gravity. A consistent attractiveness to talent will be acquired by comprehensive development in the region, which is in favor of employment and incomes for talents. The entire region and cities in it will finally benefit, the research institute said.
Scientific study shows cats more susceptible to COVID-19
Cats are more susceptible to COVID-19 and spread the virus more easily to other cats via respiratory droplets, while dogs, pigs, chickens are not, Chinese scientists from the Chinese Academy of Agricultural Sciences recently found.
"We found that COVID-19 replicates poorly in dogs, pigs, chickens, and ducks, but efficiently in cats and ferrets. We found that the virus transmits in cats via respiratory droplets," a group of scientists from the Harbin Veterinary Research Institute under the Chinese Academy of Agricultural Sciences found. They posted the paper in bioRxiv on Wednesday.
A shorthair hybrid cat in Hong Kong recently tested positive for novel coronavirus, becoming the third animal known to have contracted the virus after two dogs also tested positive in the city. Belgium has also reported that a cat tested positive for COVID-19.
No evidence has shown that pet animals could be a source of infection, the Hong Kong Special Administrative Region insisted on Tuesday, citing the city's Agriculture, Fisheries and Conservation Department.