The head of Luckin Coffee Inc. resigned as chairman of Car Inc., as scrutiny over the high-flying Chinese coffee chain and its accounting scandal continues to mount. Shares of the car-rental company surged.
Lu Zhengyao resigned as chairman and non-executive director of China’s biggest rental-car fleet operator to devote more time to fulfill his commitments with parent UCAR Inc. and other businesses, according to a statement to the Hong Kong stock exchange Wednesday.
Lu Zhengyao
Photographer: Victor J. Blue/Bloomberg
The development comes after business news outlet Caixin reported Chinese regulators have obtained emails purporting to show Lu instructed financial fraud, citing unidentified people close ...
