Luckin Coffee in deal to settle investor suit

Finance | Aiden He 23 Sep 2021

Luckin Coffee has entered into a US$187.5 million (HK$1.46 billion) binding term sheet with the lead plaintiffs to fully resolve all claims that have been or could be filed on behalf of a class of purchasers of its ADS between May 17, 2019 to July 15, 2020.

Meanwhile, it has filed a petition and summons for directions in the Grand Court of the Cayman Islands regarding a scheme of arrangement related to the restructuring of its US$460 million 0.75 percent convertible senior notes due 2025 proposed by Luckin Coffee and its joint provisional liquidators.

Its annual report for the fiscal year ended December 31, 2020 filed on Tuesday showed that its net loss widened 50.5 percent to 5.59 billion yuan (HK$6.73 billion) from a year ago. Net revenue for the period rose 33 percent to 4.03 billion yuan and the operating expenses also increased 6 percent to 6.62 billion yuan.

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