Introduction: On June 10, Shenzhou Car Rental announced on the Hong Kong Stock Exchange that
Lu Zhengyao In order to devote more time to the performance of Shenzhou Youche Co., Ltd., has resigned as chairman of the board of directors and non-executive director of the company, , effective on June 9, 2020. After Lu Zhengyao resigns, he will no longer serve as a member of the company's nomination committee.
As of now, the total outstanding principal amount of the loans owed by Shenzhou Car Rental is approximately US$168 million.
Another identity of Lu Zhengyao is the chairman of Luckin Coffee .
Source丨 Public Information, 21st Century Business Herald (jjbd21; reporters: Qi Yu, Zuo Maoxuan), Beijing Business Daily, Tencent Technology, Daily Economic News, etc.
Picture Source / Baidu Encyclopedia
June 10, Shenzhou Car Rental announced on the Hong Kong Stock Exchange that Lu Zhengyao has resigned as chairman of the board of directors and non-executive director of the company in order to devote more time to the performance of Shenzhou Youche Co., Ltd. and other businesses, and will take effect on June 9, 2020. After Lu Zhengyao resigns, he will no longer serve as a member of the company's nomination committee.
opened today, and the intraday increase of Shenzhou Car Rental was as high as 21.92%. As of 13:48, the increase narrowed to 10%.
announced that according to the terms of the financing agreement signed by the group and the lender, if Lu Zhengyao is no longer a director of the company, the lender may announce that the outstanding debts will be due immediately.
As of now, the total outstanding principal amount of the loan owed by Shenzhou Car Rental is approximately US$168 million , and the company has not received any request from the lender to repay the loan immediately.
Attachment: Original text of the announcement
Shenzhou Car Rental Co., Ltd. (a limited liability company incorporated in the Cayman Islands) ( shares code: 0699) Chairman and non-executive director resigned
Disclosure and insider information made in accordance with Rule 13.19 of the Listing Rules This announcement is made by Shenzhou Car Rental Co., Ltd. (“the Company”, together with its subsidiaries collectively referred to as the “Group”) in accordance with Rules 13.19 and 13.51(2) of the Securities Listing Rules of the Stock Exchange of Hong Kong Limited (“the Listing Rules”) and under Part XIVA of the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong (see the Listing Rules).
The Board of Directors of the Company (the “Board of Directors”) hereby announces that Mr. Lu Zhengyao (“Mr. Lu”) has resigned as Chairman of the Board of Directors and Non-executive Director of the Company in order to devote more time to the performance of the duties and other business of Shenzhou Youche Co., Ltd., effective June 9, 2020. After resigning, Mr. Lu will no longer serve as a member of the Nomination Committee (the “Nomination Committee”) of the Company.
Mr. Lu has confirmed that (i) he has no disagreement with the Board of Directors; and (ii) there are no other matters related to his resignation, that must be brought to the attention of the Stock Exchange of Hong Kong Limited or the shareholders of the Company. The Company will make further announcements on the appointment of the Chairman of the Board and the members of the Nomination Committee as soon as possible.
The Board of Directors expressed his sincere gratitude to Mr. Lu for his contribution to the Board of Directors during his term of office of the Company.
According to the terms of the financing agreement entered into by the Group with certain financial institutions (the “Lenders”), if Mr. Lu is no longer a director of the Company, the Lender may announce that the outstanding principal, accrued interest and other amounts payable under the Loan (the “Lenders”) will be due immediately due. As at the date of this announcement, the total outstanding principal amount of the loan owed by the Group is approximately US$168 million, and the Company has not received any request from the lender to repay the loan immediately.
Our company's management is currently obtaining exemptions from lenders.
Further announcements on loans and exemptions will be made in due course.
Shareholders and interested investors are required to act cautiously when buying and selling shares of the Company.
BAIC plans to take over Shenzhou Youche:
will acquire no more than 21.26% of the shares
June 1, Shenzhou Car Rental (00699.HK) issued an announcement stating that Shenzhou Youche has signed a non-legal binding strategic cooperation agreement with BAIC Group on May 31, 2020.According to the strategic cooperation agreement, BAIC Group will acquire no more than 450,790,855 shares from Shenzhou Youche, which is equivalent to approximately 21.26% of the total issued share capital on the date of the announcement of Shenzhou Car Rental .
and 21.26% of the shares are already the entire stake in of Lu Zhengyao's Shenzhou Youche in Shenzhou Car Rental .
That is to say, if the transaction is reached, Shenzhou Youche under Lu Zhengyao's name will completely withdraw from Shenzhou Car Rental .
Shenzhou Car Rental stated that the strategic cooperation agreement is not legally binding in nature, that is, there is no guarantee that a formal agreement will be concluded. The details and terms of cooperation between Shenzhou Youche and BAIC Group are still under negotiation, and the final terms have not been reached as of the date of this announcement.
At the same time, Amber Gem, the two major shareholders of , Shenzhou Car Rental , and Shenzhou Youche, entered into a termination agreement on May 30. Under the termination agreement, Amber Gem and Shenzhou Youche agreed not to continue the second batch of shares acquisitions under the sales agreement, terminate the sales agreement, and terminate the exclusive obligations of Shenzhou Youche to consider other potential transactions.
Lu Zhengyao apologized many times
Luckin Coffee fraud incident, Lu Zhengyao has made public voices many times.
In the early morning of May 20, Luckin Coffee Chairman Lu Zhengyao issued a personal statement saying that the company has dealt with the relevant responsible persons in the first place, reorganized the board of directors, updated the management, and actively carried out rectification based on the results of the phased investigation. However, Nasdaq asked the company to delist without waiting for the final investigation results, which was unexpected. I am deeply disappointed and regretful about this.
has once again apologized to the majority of investors, all Luckin employees and customers for the impact of the Luckin Coffee incident. Lu Zhengyao said that he has been on the front line of the industry, his style may be too radical and the company runs too fast, which also leads to many problems. However, he is by no means deceiving investors by using "concept" to deceive investors, and he really wants to make the company bigger and better.
Regarding the future of Luckin Coffee, Lu Zhengyao said that he firmly believes that Luckin Coffee's business model and business logic are established, and Luckin Coffee's revenue has continued to grow every year since its operation. At present, despite the double blow of the epidemic and fraud storm, thousands of Luckin stores are still working hard to keep operating.
The difficulties and pressures faced in the future will continue to increase, but no matter what, we will do our best to maintain store operations and do our best to recover shareholder losses so that the Luckin brand can continue.
In response to the media's doubts about Lu Zhengyao himself in recent times, he responded:
"Since starting a business, Almost all the money I earned has been invested in physical enterprises . The funds obtained from pledging Luckin Coffee's stock are also used to support the business development of its various companies, not for personal squandering, nor for assets transfer. I am willing to accept any investigation into this."
Luckin Coffee exposed financial fraud at the beginning of its financial fraud
Lu Zhengyao apologized in the circle of friends: accept all criticism and doubts
April 2, Luckin Coffee exposed a scandal of 2.2 billion in financial fraud.
At noon on April 5, Luckin Coffee Chairman Lu Zhengyao posted an apology in his circle of friends. He said: "I am very guilty of myself. No matter what the final investigation results of the Independent Committee are, I will bear the responsibility I deserve."
"The company has run too fast in the past two years, causing many problems. Now I have fallen hard. As the chairman, I can't stand it! I sincerely apologize to everyone through my circle of friends - I'm sorry everyone!" he said.
76.4 million shares of Luckin Coffee pledge to explode!
Lu Zhengyao was forced to settle, losing $168 million
On April 6, according to a report released by Goldman Sachs to its customers, Luckin Coffee shareholders defaulted on the pledge loan, and the lender enforced the 76.4 million shares of Luckin Coffee equity pledged by Luckin Coffee shareholder Haode Investment Inc. (Lu Zhengyao is the actual controller).
This means that Lu Zhengyao has lost his position.
According to the report, the forced plan is based on a margin loan arrangement of $518 million, while according to Luckin Coffee's closing price on the 6th, the value of these shares held by Goldman Sachs is only $350 million, and loses about $168 million.
A few days ago, Luckin Coffee rose sharply
Who is buying Luckin Coffee?
Image source / Tuchuang Creative
After hitting a historical low of US$1.33 per share, Luckin Coffee, which is deeply involved in the financial fraud scandal, has experienced continuous surges a few days ago.
htmlOn the 4th and 5th, Luckin Coffee rose by 56.98% and 36.05% in a single day respectively.What is confusing is that Luckin Coffee, which faces the risk of delisting, is experiencing a bottoming out rebound. Who is buying Luckin Coffee?
Robinhood platform data shows that while Luckin's stock price has risen sharply, the number of retail investors holding shares is rising sharply.
Robinhood is an American Internet trading platform. Because the trading commission is 0, its users are mainly American retail investors.
Robintrack regularly publishes Robinhood user shareholding data, which can serve as a weather vane for US retail investors to hold stocks.
The above figure is the stock price of Luckin Coffee announced by it. Among them, the green curve is the number of users holding shares (right axis) and the red curve is the stock price of Luckin Coffee (left axis).
It can be seen that after Luckin Coffee revealed that it was fake and its stock price plummeted on April 2, the number of Robinhood users holding Luckin Coffee stocks increased significantly, from about 50,000 before April 2 to about 100,000. Luckin Coffee was suspended from trading by Nasdaq.
After Luckin resumed trading on May 20, the number of Robinhood users first dropped to 80,000 to 90,000, and then rose sharply in early June to 130,000.
Although the Robinhood platform does not represent the entire retail investor market, retail investors' enthusiasm for Luckin Coffee can be seen.
However, as of the close of June 9, Eastern Time, Luckin Coffee fell 10.81% to US$4.29, with a total market value of 1.086 billion.
