China's securities regulator said on Friday it would investigate claims of fraud at Luckin Coffee Inc , and sources said some of the banks ...
HONG KONG/BEIJING: China's securities regulator said on Friday it would investigate claims of fraud at Luckin Coffee Inc and sources said some of the banks involved in the Chinese chain's successful U.S. IPO last year were reviewing their work in the listing.
"Regardless of the listing location, listed companies should strictly abide by laws and regulations in relevant markets, and fulfil obligations to make truthful, accurate and complete disclosures," the regulator said.Advertisement The two, along with Credit Suisse and Haitong International Securities , led Luckin's IPO, in which it raised US$561 million at US$17 per share, valuing the group at about US$4.2 billion.
In September, sources told Reuters the U.S. government was considering delisting Chinese companies from U.S. stock exchanges, echoing efforts by lawmakers last June to force U.S.-listed Chinese companies to submit to greater regulatory oversight or face delisting.
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