Field visit | Business personnel settled in Ruixing Coffee Office

Field visit | Business personnel settled in Ruixing Coffee Office
On April 27, it was reported that Ruixing Coffee had been taken over by the public security, industry and commerce and other departments.To proceed, Ruixing Coffee issued a statement saying that at present, the company is actively cooperating with the market supervision department to understand the work related to the operation of Ruixing Coffee.The company and stores nationwide are operating normally. On the afternoon of April 27th, the sauna and Yewang found in the office area of Ruixing Coffee that several employees of Ruixing Coffee carried computers and office documents to cooperate with the enquiries accompanied by uniformed personnel in business law enforcement.On the morning of April 27, it was reported that the public security, industry and commerce and other departments took over Ruixing Coffee, all senior executives were investigated, and relevant materials were handed in.Afterwards, the sauna and Yewang came to the Beijing headquarters of Ruixing Coffee. The office area is located inside the office area of the China Automobile Group. The Ruixing coffee store on the first floor is open as usual.At lunchtime, many employees walked and rested at the door. Two Ruixing coffee employees told the sauna and Yewang. “I have not heard of what happened in the morning. The office is working normally. The company will not let me answer more specific content.”According to Tencent News reports, the China Securities Regulatory Commission has already dispatched an investigation team to Ruixing Coffee, which has been deeply involved in the financial fraud scandal for many days.On April 15, the State Council Financial Stability Development Committee (hereinafter referred to as the Financial Committee) attended the meeting.The meeting was chaired by Liu He, member of the Political Bureau of the CPC Central Committee, vice premier of the State Council, and director of the Finance Committee.The meeting mentioned that during the recent reorganization, some listed companies disregarded the laws and regulations and involved serious acts such as financial fraud that infringed on the interests of investors.Regulatory departments should strengthen investor protection according to law, improve the quality of listed companies, ensure truthful, accurate, complete, and timely information disclosure, compact intermediary responsibilities, deal with fraud and fraud, and resolutely maintain a good market environment and betterGive full play to the function of the capital market to serve the real economy and investors.On the evening of April 2nd, Ruixing Coffee announced that it discovered that the company had a virtual increase of RMB 2.2 billion in transaction volume from the second quarter to the fourth quarter of last year, and the related expenses and expenses also increased accordingly.As soon as the news came out, Ruixing Coffee opened down, once fell by more than 80%, and finally closed with a 75% drop on the same day.Sauna, Ye Wang Chen Weicheng Editor Li Weijia Proofreading Li Ming