Luckin Coffee and Affiliates Slapped With Fines by Chinese Regulator

A detailed investigation into the business practices of Luckin Coffee (OTC: LKNC.Y) by a key Chinese regulator has found widespread fraud and generated a raft of fines. The State Administration for Market Regulation announced Tuesday it has imposed financial penalties on two of the company's business units and a dizzying 43 outside companies. Luckin was also found to have misled its customers during certain promotions, and to have engaged in anti-competitive practices.