On June 5, it was reported that Ruixing coffee rose to 60%, with a share price of 6.49 US dollars and a turnover of 0.225 billion US dollars. Earlier, Ruixing coffee touched the fuse. Ruixing coffee was suspended from trading on April 7 and resumed trading on May 20. And received a notice of stock delisting from the Nasdaq stock market listing qualification staff.
Domestically, Ruixing has stopped most of the money-burning projects and slowed down the expansion. For example, fawn tea has stopped joining in the investment promotion, and the 1.8 discount and 3.8 discount coupons are hard to find.
In the 60 days after Rui Xing revealed the fraud, Lu Zhengyao had been doing only one thing-seeking a way out for Rui Xing. Lu Zhengyao’s 21.26% stake in Shenzhou car rental will also be transferred to BAIC Group.
After Nasdaq issued a request for mandatory delisting, Ruixing plans to request a hearing and will continue to be listed on Nasdaq until the results of the hearing are released.