Goldman Sachs said it would seize and sell Luckin Coffee shares from the chairman of the scandal-hit chain after he defaulted on the terms of a $518m margin loan.
Luckin went public in New York last year with a lofty goal of displacing Starbucks in China but announced last week that its revenues had been manipulated, sending its shares down 80 per cent since then.
Goldman on Monday said it was seizing the shares as collateral on the margin loan facility to Luckin chairman Lu Zhengyao. It would then convert them into American depositary shares and sell them to recoup losses on behalf of a syndicate of lenders.
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