HONG KONG/BEIJING (Reuters) – A company connected to China’s scandal-hit Luckin Coffee Inc ( LK.O) is seeking fresh capital, sources stated, highlighting the ripple effect of Luckin’s made transactions as the chairman of both firms scrambles to avoid a cash crunch.
SUBMIT PICTURE: A Luckin Coffee logo design is seen at a closed store in Beijing, following the unique coronavirus illness (COVID-19) break out, China, April 16,2020 REUTERS/Tingshu Wang/File Image
UCAR Inc, established by Charles Zhengyao Lu, is wanting to sell its restricted partner (LP) interest worth 1 billion yuan ($141 million) in Chinese personal equity company Centurium Capital’s yuan fund, individuals with knowledge of the matter told Reuters.
The chauffeured automobile service provider, in which Lu is the greatest shareholder owning approximately 10%, has approached potential financiers for its 30.75%LP interest in UCAR Industr