Ruixing Coffee (LK) declines more than 15%

GEM exchanged on May 21, after yesterday’s resumption of trading closed down 35.76%, Ruixing Coffee (LK) opened again today, and the decline has expanded to 15.25%, reported at $ 2.39, temporary turnover of $ 17.49 million, the latest total market value $ 602 million. Some media said that Ruixing is about to start layoffs, and the list of layoffs has been determined. It was learned from the personnel close to Ruixing’s core management that the layoffs were 50% and only Xiamen employees were involved. Xiamen is mostly R & D personnel of Ruixing, with a number of about 1,000 people. The Nasdaq Exchange previously issued a notice to Ruixing Coffee that it must be delisted. Ruixing also quickly responded to this, saying it planned to hold a hearing.