Luckin Coffee Announces Changes to Board of Directors and the Appointment of New Chairman

BEIJING, July 13, 2020 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. (the “Company”) (OTC:LKNCY) today announced changes to its Board of Directors (“Board”) and appointment of a new Chairman to the Board.

The Company held an extraordinary general meeting of shareholders (the “EGM”) on July 5, 2020 and a Board meeting (the “Board Meeting”) on July 12, 2020. Pursuant to the results of the EGM, Ms. Jie Yang and Ms. Ying Zeng have been appointed as independent directors to the Board, and Mr. David Hui Li, Mr. Erhai Liu, Mr. Charles Zhengyao Lu and Mr. Sean Shao ceased to be directors to the Board. Pursuant to the results of the Board Meeting, Mr. Yang Cha and Mr. Feng Liu have been appointed as independent directors to the Board. Mr. Jinyi Guo, a director to the Board and the former Acting Chief Executive Officer of the Company, has been appointed as the Chairman to the Board and the Chief Executive Officer of the Company.  

Following the forgoing changes, the Board currently consists of five independent directors namely Mr. Yang Cha, Mr. Wai Yuen Chong, Mr. Feng Liu, Ms. Jie Yang and Ms. Ying Zeng, and three management directors, namely Mr. Wenbao Cao, Mr. Jinyi Guo and Mr. Gang Wu, with Mr. Jinyi Guo serving as the Chairman to the Board. The Nominating and Corporate Governance Committee of the Board currently consists of Mr. Yang Cha, Mr. Wai Yuen Chong and Mr. Jinyi Guo, with Mr. Wai Yuen Chong serving as its chairman; the Audit Committee of the Board currently consists of three independent directors, namely Mr. Yang Cha, Mr. Wai Yuen Chong and Mr. Feng Liu, with Mr. Feng Liu serving as its chairman; the Compensation Committee of the Board currently consists of Mr. Feng Liu, Mr. Gang Wu, Ms. Jie Yang and Ms. Ying Zeng, with Ms. Ying Zeng serving as its chairwoman.

Information relating to Mr. Yang Cha, Mr. Feng Liu, Ms. Jie Yang and Ms. Ying Zeng is set out as follows:

Mr. Yang CHA has more than 20 years of work experience in law, investment and management. From 2013 to 2019, Mr. Cha acted as the President of Tsinghua Education Foundation, North America, a non-profit organization registered in, and regulated by, authorities in the United States, in the meanwhile acting as a venture partner for several venture capital firms with a focus on early-stage technology start-ups. Prior to that, Mr. Cha worked at leading law firms in the United States and China with a focus in corporate finance and governance matters.