瑞幸咖啡：正积极推动重回美股主板上市

Core Viewpoint - Luckin Coffee is actively pursuing a plan to return to the US main board listing, following the resolution of historical issues related to its financial fraud scandal in 2020 [1][5]. Group 1: Company Background - Founded in 2017, Luckin Coffee quickly became a significant player in the Chinese coffee market through its "unlimited scenarios" strategy and aggressive marketing [3]. - The company achieved a valuation of $4 billion within two years and made its IPO on NASDAQ in May 2019, setting a record for the fastest IPO globally [3]. Group 2: Financial Scandal and Consequences - In January 2020, a short-seller report accused Luckin Coffee of fabricating data and committing fraud, leading to a significant drop in stock price and a market value loss exceeding 30 billion yuan [4]. - By April 2020, Luckin Coffee admitted to inflating sales by 2.2 billion yuan and costs by 1.34 billion yuan through fraudulent transactions [3][4]. - The company was subsequently forced to delist from NASDAQ due to these revelations [4]. Group 3: Recovery and Growth - In late 2020, Luckin Coffee reached a settlement with the SEC, agreeing to pay a $180 million fine to resolve accounting fraud charges [5]. - Following its delisting, the company underwent a complete business restructuring, with new shareholders and management focusing on core operations [5]. - Luckin Coffee has shown explosive growth in recent years, with Q2 2025 net revenue reaching 12.359 billion yuan, a 47.1% year-over-year increase, and operating profit of 1.7 billion yuan, up 61.8% [5]. - The company has become the largest chain coffee brand in China, with nearly 30,000 stores, over 400 million registered users, and more than 170,000 employees [5].