The case of suing Ruixing coffee was held in Hong Kong
The information shows that the case number is hcmp572 / 2020, and the plaintiff of the case includes 14 overseas investment institutions such as Linden capital, amasiastrategiesmaster and auriginmaster.
Courts in the Cayman Islands and Hong Kong have ordered the freezing of Ruixing coffee assets, according to Dow Jones. Bondholders sue for recovery one point five five seven US $1.1 billion in losses.
Ruixing coffee has previously set up companies without operating entities in the Cayman Islands and Hong Kong. Through these companies, it has established contractual relationships with operating entities in mainland China, and successfully listed in the United States with the help of vie structure. It is reported that the freezing order will be maintained until the two courts make further decisions.
The border store is running fast while slimming down
Also on the 15th, the relevant directors of Ruixing coffee responded to the question of 80 stores are expected to be closed in Beijing, saying that under the influence of epidemic situation and other relevant factors, Ruixing coffee is indeed carrying out normal store optimization, carrying out close and close for individual stores with poor benefits or overlapping customer coverage, and continuously opening new stores, which is also the direction of strategic adjustment of the companys stores. After the outbreak, more than 90% of the countrys stores returned to work, and all operations were normal.
In fact, although Ruixing coffee is in the mire of financial fraud, it is still expanding at an amazing speed.
On May 14, Bloomberg quoted the statistics of thinkmum alternative data, a US data agency, as saying that as of May 12, the average opening speed of Ruixing coffee in China in the second quarter of this year was 10 stores per day, and the total number of stores now has reached 6912.
According to the data previously released by Ruixing coffee, by the end of 2019, the number of Ruixing coffee Direct stores was 4507, becoming the largest coffee chain brand in China. In other words, since 2020, Ruixing coffee has opened 2405 new stores.
Thinkmum alternative data shows that in the first quarter of this year, the expansion of Ruixing coffee maintained an average of 20 new stores per day. Although the expansion rate of Ruixing coffee in the second quarter slowed down compared with the first quarter, it still exceeded the growth rate of the same period last year.
However, some media learned from some employees of Ruixing that Beijings store closing plan was earlier than Ruixing coffees financial fraud exposure, and the new stores are likely to be Rui buy now and Rui cost-effective under Ruixing coffees unmanned retail plan, aiming to close the unreasonable stores in the early planning and re lay the unmanned retail coffee machine with lower cost.
Two executives have been resigned
At the same time, Ruixing coffees board of directors has appointed Guo Jingyi, a director and senior vice president, as acting CEO; Cao Wenbao, a senior vice president, and Wu Gang, a vice president, as members of the board of directors.
According to the resume, Cao Wenbao has been the senior vice president of Ruixing coffee since June 2018, responsible for store operation and customer service. Prior to that, he had more than 23 years of working experience in McDonalds China, and served as the Beijing area manager and vice president of McDonalds in China.
Wu Gang has been vice president of Ruixing coffee since March 2019, in charge of strategic partnership and supply chain management since April 2020. Before joining Ruixing, Wu Gang had more than 26 years of experience in the field of civil aviation. He held senior management positions in United Airlines, China Eastern Airlines and Air China.
It should be noted that at present, Lu Zhengyao, chairman of Ruixing coffee, is no longer on the list of Nomination Committee. The members of the new nomination committee are Zhuang Weiyuan, independent director, Li Hui, founder of Dazheng capital, and Guo Jinyi, of which Zhuang Weiyuan is the chairman.
By the way, Ruixing coffee announced on May 11 that its institutional investor, capital research global investor, has cleared all shares of Ruixing coffee, accounting for 0% of the total outstanding 775087728 shares of Ruixing coffee. According to wind data, as of the end of 2019, capital research global investor still holds 60322300 shares of Ruixing coffee, accounting for 3.14%.
Source: responsible editor of securities companies in China: Yang bin_nf4368