UPDATE 1-Luckin Coffee chairman defaults on loan, surrenders company shares
April 06, 2020 at 13:28 PM EDT
Luckin Coffee Chairman Charles Zhengyao Lu and Chief Executive Jenny Zhiya Qian have handed over shares in the embattled Chinese coffee chain to lenders after a company controlled by Lu's family defaulted on a $518 million margin loan, one of the banks said on Monday.