12/18/2020 Financial News: Luckin Coffee fined US$180 million by the US SEC for financial fraud

Image source: https://www.ctvnews.ca

1.The U.S. Securities and Exchange Commission accused Luckin Coffee of fraudulently defrauding investors by seriously misrepresenting the company’s revenue, expenses, and net operating losses. Luckin Coffee agreed to pay $180 million to settle the US accounting fraud allegations.
https://finance.sina.com.cn/stock/usstock/c/2020-12-17/doc-iiznezxs7324269.shtml?cref=cj

2.Communist China’s fifth national asset management company China Galaxy Investment Management Ltd. was officially approved for opening. This is the fifth company since the establishment of Communist China’s four major asset management companies (AMC) in 1999.
https://finance.sina.cn/bank/yhgd/2020-12-17/detail-iiznezxs7465925.d.html?cref=cj

3.YUAN TALKS: China’s corporate bond issuance hit a new record high in 2020 after loose monetary policy aiming to boost the virus-hit economy. Analysts warn that many debts will be due in the first half of next year, and the tightening policy will challenge companies’ refinancing efforts.
https://www.yuantalks.com/chinas-corporate-bond-issuance-hit-new-record-high-in-2020-analysts-warns-default-risks-in-h1-next-year-as-policy-tightens/

4.LONDON (Reuters) – Bitcoin rose to a record high on Thursday, just a day after passing the $20,000 milestone for the first time, amid surging interest from larger investors. The world’s highest-profile cryptocurrency jumped 10.5% to $23,655, taking its gains this year past 220%, buoyed by demand from larger investors attracted to its potential for quick gains and perceived inflation-hedging qualities.
https://mobile.reuters.com/article/amp/idUSKBN28R0WW?__twitter_impression=true

【Financial Team】

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