It's been more than a month since Rui Xing's "self-exposure", and the hole is getting bigger and bigger.

On the evening of May 2, Beijing time, Ruixun announced that Ruixun had terminated the positions of two senior executives one day ago-one was Liu Jian, the "culprit" who was confessed by Ruixun when he exposed the fraud, and his COO position was suspended one month ago; The other is CEO Qian Zhiya, who is also the founder of Luckin Coffee. In addition, the two have resigned as directors at the request of the board of directors. Six other employees who participated in or knew about false transactions were also dismissed or suspended.

The new acting CEO is Guo Jinyi, director and senior vice president of Ruixing, who is also the co-founder of Ruixing. Cao Wenbao, Senior Vice President of Ruixing, and WU GANG, Vice President, were appointed as directors.

at the same time, an internal letter signed "President Luckin Coffee's Office" was also exposed. In the letter, Ruixing expressed "deep apologies" to all employees and their families.

More than a month ago, on April 2, when Ruixing revealed that he had faked 2.2 billion yuan, his public attitude was still swaggering, encouraging all employees to continue to work with "full energy".

what happened in these 41 days? Where will Luckin Coffee go? Has the China Stock Exchange been affected? How will the pattern of China's coffee market evolve?

it is worth mentioning that Tencent has taken the opportunity to enter the market. Also on May 2nd, Canadian coffee brand Tim Hortons announced that it had obtained Tencent investment in Shanghai. The brand entered China more than a year ago and plans to open more than 1,511 stores nationwide.

on the evening of may 2nd, Luckin Coffee announced that the independent investigation team led by the special committee of the board of directors had found more evidence about financial fraud.

what should come will always come. Luckin Coffee's boots for cleaning management finally fell. Besides COO Liu Jian, who was publicly accused by Ruixing of fraud, it was also the turn of Qian Zhiya, founder and CEO of Ruixing.

Last year, at the Luckin Coffee strategy conference, Qian Zhiya was still active in front of the stage, telling the latest story to the capital market-"The goal of Luckin Coffee in 2119 is to completely surpass Starbucks and become the largest chain coffee brand in China".

The crisis of Ruixing is continuing to ferment. On April 27th, many media reported that the China Securities Regulatory Commission had sent an investigation team to Luckin Coffee to conduct an audit of its financial situation. Subsequently, Luckin Coffee also publicly admitted that the company is cooperating with the regulatory authorities to conduct relevant investigations.

It is worth noting that this is the first time that the China Securities Regulatory Commission has launched the "long arm jurisdiction".

This is inseparable from the trust crisis of China Stock Exchange triggered by the fraud scandal of Ruixing. After Ruixing exposed the accusation of falsifying 2.2 billion yuan and sitting in the muddy water to short, it caused a series of chain reactions in which Chinese stocks were short, such as iQiyi, who to learn from, and a good future. During this period, the stock price evaporated by more than 11 billion yuan.

This clear statement directly hurt the interests of China Stock Exchange. Fortunately, under the impact of the epidemic, the share prices of many Internet companies in China remained firm and even rose. Jinshan Cloud rose by as much as 41% on the first day of listing on Nasdaq on May 8.

As a senior investor analyzed, the impact of Luckin Coffee's financial fraud on China Stock Exchange may not be as serious as everyone now thinks. "Ruixing represents more individuals and is sporadic. There are also many financial frauds in American companies."

let ruixing return to ruixing, and let the Chinese stocks return to the Chinese stocks.

The aftermath of counterfeiting is shocking, and many capitals are accelerating their departure.

previously, CRGI, the former third largest institutional shareholder in Luckin Coffee, has cleared its position and left, and another major shareholder, solitary pine capital, has made the same choice. In addition, Joy Capital is also reducing its holdings.

Luckin Coffee, which was originally maintained by capital transfusion, is losing its most important reliance.

except for China. One version displayed to the outside world is that Luckin Coffee was a project discovered by Qian Zhiya during his tenure in CAR Inc.. After leaving his job and starting a business for 18 months, he pushed Ruixing to the market and finally won the title of "Coffee Queen".

However, beyond this, the relationship between Luckin Coffee and China is more close and complicated than people think.

Qian zhiya was a founding member of ucar, and won the trust of Lu zhengyao, chairman of ucar. In 2117, Qian Zhiya founded Ruixing, which was also funded by Lu Zhengyao. After the listing, there was no shortage of Shenzhou Department in its intertwined equity investment.

In fact, Guo Jinyi, co-founder of Luckin Coffee's new acting CEO, also comes from the Shenzhou Department and used to be Lu Zhengyao's assistant. According to public reports, Guo Jinyi is a doctor of Beijing Jiaotong University and once worked in the Ministry of Transport. Two years ago, Guo Jinyi visited Starbucks in a circle of friends late at night, which greatly increased Luckin Coffee's popularity. At that time, he called himself as the vice president in charge of store development and supply chain, and asked Starbucks to respond whether there was an exclusive clause with the property party.

Among the two new directors of Ruixing, Cao Wenbao joined Ruixing in June 2118. He had worked in McDonald's for 23 years and was the vice president of McDonald's China. WU GANG joined in March 2119. He was a veteran of the aviation industry and served as the executive vice president of China United Airlines.

The operation mode of Ruixing is indeed too similar to that of CAR Inc., and even has the meaning of directly grafting the operation mode of the car rental market to the coffee market: burning money to copy, relying on coupons to pile up data, and continuing to expand after attracting investment.

Previously, online merchants from all over the world interviewed a number of investors in the article "An exclusive response from muddy water: shorting Ruixing is a wake-up call for the market". Among them, an institutional investor in Shenzhen said that Ruixing shareholders cashed in through equity pledge financing instead of selling stocks, which is exactly the same as CAR Inc., and called "Ruixing an old hand."

the old driver overturned after all.

The highlight moment of Ruixing was on October 7th this year, and its share price rose to $51.38, with a market value of nearly $13 billion. Today, its share price fell to $4.39 when it was suspended, leaving only $1 billion in market value.

It is widely acknowledged that China is behind the blood transfusion to Luckin Coffee, and it actually depends on the myth of making wealth of Ruixing Coffee. According to Caixin, a market person close to Lu Zhengyao once said, "Almost all sectors in the Shenzhou system are losing money, and the car policy has been blocked. If you don't make coffee at that time, China may have a big layoff. "

nowadays, this game of capital is rapidly collapsing. The shocking Luckin Coffee fraud incident, which caused aftershocks in the venture capital industry, is far from over.

Ruixing even once became the "light of domestic products".

A magical phenomenon is that after Ruixing exposed the fraud, its stores still operate normally, and because of the increased popularity of the scandal, it even ushered in more orders, so that the order taking system once collapsed.

On that day, Luckin Coffee's official voice sounded slightly-today, it is even more full of vitality! Subsequently, Lu Zhengyao, chairman of Ruixing, also sent the same content in the circle of friends.

this "calmness" finally disappeared after more than a month.

On May 2, an outgoing internal letter from Ruixing showed that Ruixing apologized to all employees and their families for the troubles caused by the company crisis.

At the same time, the internal letter said, "The normal operation of the store, the stable operation of the supply chain and the continuous innovation of products are all inseparable from the perseverance and commitment of all partners in the same boat."

This letter also revealed the next step of Ruixing, which will reorganize the company's organizational structure and reshape the company's value culture. In the letter, Ruixing said, "I believe that through the efforts of all Ruixing people, the company will be able to tide over the crisis and return to the normal track."

Rui Xing still couldn't bear to leave. However, it is a fact that Ruixing, who lost his capital for hematopoiesis, will inevitably regress from the coffee market. Brands such as Starbucks continue to triumph, and new coffee brands and capital are also rapidly occupying this reclaimed market.

Coffee may only be the target of a capital game of Ruixing, but it has brought shocks to China's coffee market by mistake, and participated in the development of this market to a great extent. More people in China have also fallen in love with low-priced coffee and coffee.

Almost at the same time that Ruixing cleaned up the top management, a Canadian coffee brand named Tim Hortons (Tims for short) announced that it had obtained investment from Tencent.

It is reported that Tims belongs to the international catering brand RBI, which also owns chain fast food brands such as Burger King and Pepys. RBI and Descartes Capital Group jointly established Tims China.

Tims China has opened nearly 51 stores in China over the past year, mainly in Shanghai, and plans to open more than 1,511 stores nationwide. Tims China did not disclose the specific amount of Tencent's investment, but said it planned to use Tencent's investment to accelerate the digital upgrade and open more stores quickly.

Who will remember Ruixing when new enemies enter the stadium and coffee fights?