This morning, the reporter of Netease technologys state u2103 column group visited several Ruixing stores.
However, todays Ruixing store does not reach the state of exploding orders on April 3.
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
On May 11, ruixingfa announced that crgi, the former third largest institutional shareholder, had cleared all shares of the company.
Investors are also moving.
On May 15, Dow Jones quoted the Hong Kong High Court as reporting that courts in the Cayman Islands and Hong Kong ordered the freezing of Ruixing coffee assets. Bondholders filed a lawsuit this week seeking to recover about $155.7 million in losses. Subsequently, the interface News reported that at 10:30 a.m. on the same day (May 15), 14 overseas institutions sued Ruixing coffee in the high court of the Hong Kong Special Administrative Region, and the case number was hcmp572 / 2020.
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.
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