Lu Zhengyao said in the middle of the night that he really didnt cheat. There were more orders in Ruixing store in the morning

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 Lu Zhengyao said in the middle of the night that he really didnt cheat. There were more orders in Ruixing store in the morning


Ruixing said that the company plans to hold a hearing on this issue. Before the results of the hearing, Ruixing will continue to be listed on NASDAQ.

NASDAQ also said it plans to resume trading of Ruixing coffee at 7 a.m. EDT on May 20 (7 p.m. EDT on May 20, Beijing time). On April 7, NASDAQ stopped trading in lucky shares.

Does Rui have to die?

Store: there are many more orders

First two site drawings:

Obviously, the business of the store is much better today. A clerk told the reporter of Netease technologys state u2103 column group: there are many more orders today than before.

However, todays Ruixing store does not reach the state of exploding orders on April 3.

At that time, many users fed back to us: they were worried that the coupons would not be used after Ruixing failed.

On that day and for a period of time after that, it even delayed Ruixings closing progress: Ruixings early crazy opening led to many overlapping store coverage, Ruixing decided to close some stores.

Since then, according to Bloomberg, Ruixing is still rapidly opening stores in China after disclosing financial fraud. Data shows that as of May 12, Ruixing coffee opened an average of 10 stores in China every day in the second quarter, with a total number of 6912 stores.

On May 12, Ruixing announced the termination of CEO Qian Zhiya and coo Liu Jian, appointed Vice President Guo Jingyi as acting CEO, and tried to restructure the companys organizational structure as soon as possible, reshape the companys value culture, strengthen internal control to ensure legal compliance, and make every effort to maintain business stability.

Investor withdraws investor claims

The impact of the cost storm on Ruixing is also reflected in another aspect: investors withdraw one after another, and investors start to sue for compensation.

According to 36 krypton, the institutional shareholders of Ruixing coffee have begun to reduce their holdings intensively since February 10 after the release of the short position report of muddy water: lone loose capital cleared its position on April 3, and it held 10.6% shares before the release of the short position report; joyful capitals shareholding ratio was reduced from 11.13% to 5% on February 12; Melvin capital, a hedge fund, reduced its stake in Ruixing coffee to 5.2% on March 25; JPMorgan Chase, the investment bank, increased its stake by 5.87% after the short report was released, while Ruixing reduced its stake to 1.6% the next day after its financial fraud.

Investors are also moving.

Prior to that, there have been investors in the United States to file a civil lawsuit against Ruixing coffee.

Yang Zhaoquan, a lawyer at Beijing wino law firm who acted as the agent of domestic investors in suing Ruixing coffee, told Netease technology that Nasdaq exchange sent a delisting notice to Ruixing coffee, indicating that Ruixing coffee has been on the brink of delisting cliff.

According to the exchange rules, Ruixing coffee has the right to conduct a hearing and defense. But Yang said the chances of Ruixing coffee avoiding delisting were small. The event of Ruixing coffee counterfeiting is particularly serious in the eyes of the exchange. First of all, the counterfeiting lasts for a long time, from the second quarter to the fourth quarter. Second, the amount of fraud is large. The amount of counterfeiting accounts for a large proportion of the turnover. Third, it is still denied after being exposed. After muddy water disclosed the investigation report of Ruixing coffee fraud, the company publicly denied it. Based on the above situation, there is little chance for Ruixing coffee to overturn the offer through the hearing.

At the same time, Yang Zhaoquan believes that the delisting of Ruixing coffee has added certain variables to the investors claim litigation. Whether the company has enough assets to compensate or not is worthy of attention. It does not exclude the possibility of bankruptcy after delisting.

According to the global times, a lawyer said Ruixing would face a total of about $11.2 billion in compensation in case of class action.

Therefore, NASDAQs delisting is also expected.

Lu Zhengyao: I really didnt cheat!

In response to NASDAQs decision this morning, Lu Zhengyao, chairman of Ruixing coffee, issued a statement saying he was deeply disappointed and regretted that NASDAQ asked the company to delist before the final result of the investigation.

In the statement, Lu Zhengyao apologized to the investors, all Ruixing employees and customers for the bad influence of Ruixing coffee incident, and said that he was not cheating the investors: my style may be too radical, the enterprise runs too fast, and also causes many problems, but I am not cheating the investors with the concept of doing a good job , I really want to make the enterprise bigger and better for the society Create value!

Lu Zhengyao firmly believes that Ruixing coffees business model and business logic are established, Ruixing coffees annual revenue has been growing since its operation. At present, despite the double blow of epidemic and fraud, thousands of Ruixing stores are still trying to adhere to the operation, tens of thousands of employees are still working diligently, Ruixings product reputation is very good and brand toughness, sincerely ask all sectors of the society to give tolerance and support, I thank you here! Lu Zhengyao also responded to the transfer of assets. since the start-up, almost all of the money I earned has been invested in the entity enterprises. The money I got from pledging Ruixing coffee stock has also been used to support the operation and development of its various enterprises. It has not been used for personal waste, let alone transfer of assets. I am willing to accept any investigation Lu Zhengyao finally said that he would try his best to maintain the store operation no matter what, and try his best to recover the loss of shareholders, so that the brand of Ruixing can go on. what step will Ruixing take in the future? Extended reading Baidu left behind? The net profit doubled under the epidemic. Robin Li rose overnight and 6 billion 300 million of the waves were concerned. The B station had 40 million more users in the single season, and 500 million were not afraid of Wang Yuzhong. NT2541

Lu Zhengyao firmly believes that Ruixing coffees business model and business logic are established, Ruixing coffees annual revenue has been growing since its operation. At present, despite the double blow of epidemic and fraud, thousands of Ruixing stores are still trying to adhere to the operation, tens of thousands of employees are still working diligently, Ruixings product reputation is very good and brand toughness, sincerely ask all sectors of the society to give tolerance and support, I thank you here!

Lu Zhengyao also responded to the transfer of assets. since the start-up, almost all of the money I earned has been invested in the entity enterprises. The money I got from pledging Ruixing coffee stock has also been used to support the operation and development of its various enterprises. It has not been used for personal waste, let alone transfer of assets. I am willing to accept any investigation

In the end, Lu Zhengyao said that he would try his best to maintain the store operation no matter what, and try his best to recover the loss of shareholders, so that Ruixing brand can go on

What is the future of Ruixing?