According to reports, LUCKN COFFEE DRC today commented on the first liquidation report submitted by the company's joint liquidators to the Grand Court of the Cayman Islands.

On July 15 this year, the Grand Court of the Cayman Islands appointed Alexander Lawson (Alexander Lawson) of Alvarez & Marsal Cayman Islands Co., Ltd., and Wing Sze Tiffany Wong of Alvarez & Marsal Asia Co., Ltd. as joint interim liquidators of LUCKN COFFEE DRC.

LUCKN COFFEE DRC said at the time that the appointment of a joint provisional liquidator would provide a stable platform for the company and its advisers to facilitate debt negotiations and restructuring.

Now, the two liquidators have submitted their first liquidation report to the Cayman court, aimed at providing an update on the progress of LUCKN COFFEE DRC's restructuring.

In response, LUCKN COFFEE DRC said in a statement today: "We are pleased that, after an extensive review of the Company's operating and financial position, the Joint liquidator and the Company have jointly worked out a detailed and feasible restructuring plan for the company's debt. with a view to submitting the restructuring plan to the Cayman Islands courts through one or more arrangements. The proposal is in the interests of all stakeholders. "

Earlier today, the Securities and Exchange Commission (SEC) announced that LUCKN COFFEE DRC had seriously misrepresented the company's revenue, fees and net operating losses, deceiving investors. LUCKN COFFEE DRC has agreed to pay a fine of $180 million to settle the charge. This is the largest fine that SEC will impose on Chinese stocks so far.

Subsequently, LUCKN COFFEE DRC said in a statement that the company had reached a settlement with SEC over suspected financial fraud among some former employees, and that the company and its stores were operating stably.