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Starbucks rival Luckin Coffee’s scandal spreads through corporate China

People wearing protective masks gather outside a Luckin Coffee Inc. outlet in Shanghai, China, on Friday, April 3, 2020. Luckin Coffee, the fast-growing Chinese coffee chain, plunged as much as 81% on Thursday after the company said its board is investigating reports that senior executives and employees fabricated transactions. Photographer: Qilai Shen/Bloomberg 775501953

The fallout from Luckin Coffee's accounting scandal is spreading far beyond the high-flying Starbucks challenger, with renewed concerns about Chinese corporate governance dragging down stocks across industries and threatening to bring a halt to the country's overseas initial public offerings. The Xiamen-based coffee chain said on Thursday that its chief operating officer and some underlings...

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