Lu Zhengyao Explained

Lu Zhengyao
Birth Date:	^[1]
Nationality:	Chinese
Alma Mater:	Peking University (EMBA) University of Science and Technology Beijing (BSc.)
Occupation:	Businessman, investor
Chairman of Luckin Coffee

Lu Zhengyao (陸正耀) aka Charles Lu (born 1969/1970) is a Chinese businessman and investor. He is the non-executive chairman of Luckin Coffee, a coffee shop chain in China.^[2] Lu earned a degree in industrial electric automation from the University of Science and Technology Beijing in 1991, and an EMBA degree from Peking University in 2010.

Lu was an early investor in Luckin Coffee.^[3] In mid-April 2020, American investment bank Goldman Sachs announced that it would seize and sell Zhengyao's Luckin stock holdings after he defaulted on a corporate margin loan.^{[4] [5]} In December 2020, he paid a 180-million dollars fine to the US Securities and Exchange Commission for defrauding investors.^[6]

Lu also owns about 33 percent of Car Inc., a Hong Kong-listed car rental company. In May 2021, he announced he was working on the launch of a 500-store noodle stores chain, Xiaomian Riji ('noodle diary').

Notes and References

1. Web site: Executive Profile: Zhengyao Lu . Bloomberg LP . 24 April 2019.
2. Web site: New Billionaire Behind The Chinese Competitor To Starbucks. Jennifer. Wang. Forbes. 24 April 2019.
3. https://uk.reuters.com/article/us-luckin-coffee-financing-exclusive/exclusive-luckin-coffee-chief-taps-banks-for-200-million-loan-in-exchange-for-ipo-role-sources-id
4. Web site: Embattled Luckin Coffee sees wild surge as customers scramble to cash in on free drink vouchers. Lin. Connie. April 12, 2020. Fast Company. en-US. April 12, 2020.
5. News: Yang. Jing. Banks Stand to Lose More Than $100 Million on Loan to Chairman of China's Luckin Coffee. April 6, 2020. Wall Street Journal. April 6, 2020. en-US. 0099-9660.
6. Web site: Jingli . Song . 2021-05-13 . Disgraced Luckin Coffee founder Lu Zhengyao cooks up new business . 2024-04-02 . KrASIA . en.