The accounting scandal at China's Luckin Coffee’s thwarts a backer’s $2.5 billion fund
The accounting mess at China’s Luckin Coffee Inc. has forced one of its top backers to put off its fundraising plans.
Centurium Capital, a three-year-old Chinese private-equity firm that has a sizable investment in Luckin, has put on hold plans to raise a second fund with a target size of $2.5 billion, according to people familiar with the matter. Its decision comes after the coffee chain’s revelation that employees fabricated much of its 2019 sales.
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