Editor / Sun Ming
On the evening of January 6, a “request letter” signed by 31 senior executives of lucky coffee appeared on the Internet. Seven vice presidents, all branch managers and business directors of core departments of lucky coffee jointly requested that Guo Jinyi, the current chairman and CEO of lucky coffee be removed.
Since May 12, 2020, Ruixing coffee, which was caught in a financial fraud scandal, announced the suspension of former CEO Qian Zhiya and Guo Jinyi acting as CEO, Ruixing coffee has been suspended for more than half a year. But at the beginning of 2021, the letter of request broke the surface.
The letter of request directly pointed out that Guo Jinyi obtained company funds through suppliers, embezzled, used power to root out dissidents, and fought with the same party. His personal ability was low and his leadership was poor, which caused huge business risks and food safety hazards to Ruixing company.
Shortly after the letter of request appeared, Guo Jingyi himself also published an open letter to all the staff, saying that the letter was organized and drafted by Lu Zhengyao and Qian zhiyadeng on January 3. Some of the employees “did not know the truth and were coerced into signing”.
At the same time, Guo Jinyi said that now lucky coffee has a stable operation and a good income. Some people who “cheat and get out” are envious, so they “keep making rumors in an attempt to destroy the company.”.
On the morning of January 7, lucky coffee said in response to chinanews.com: “the situation is true, and it is not convenient to disclose the details for the time being.”
In 2016, Guo Jinyi was recruited by Lu Zhengyao from the Ministry of transportation to become the assistant of Lu Zhengyao, the chairman of the company. Since the establishment of lucky coffee, Guo Jinyi has been the senior vice president of lucky coffee in charge of products and supply chain, and served as a director of the company.
Now, Guo Jinyi has publicly accused Lu Zhengyao that they are no longer the relationship between the chairman and assistant of that year, but stand on both sides of the open opposition.
Guo Jinyi, born in 1981 in Inner Mongolia, graduated from environmental engineering of Dalian University for Nationalities in 2003, and then studied in the school of transportation of Beijing Jiaotong University, gaining the opportunity to study for a doctorate in advance, according to Netease technology. From 2009 to 2011, Guo Jinyi worked as a research assistant in the Chinese Academy of Transportation Sciences. From 2011 to 2016, Guo Jinyi worked in the transportation service department of the Ministry of transport. Later, he was hired to work as assistant to Lu Zhengyao’s chairman of the board.
Guo Jinyi once had a period of experience as a visiting scholar abroad. Therefore, when he joined lucky coffee in 2018, the Beijing News reported that he made some comments on the global coffee market and believed that from the global situation, the local brands of all countries ranked first in their markets.
Unfortunately, before lucky coffee became the number one coffee brand in China, financial fraud occurred, which has not yet subsided.
On July 5, 2020, the special shareholders’ meeting of lucky coffee was held at the company’s headquarters. Lu Zhengyao, then chairman of lucky coffee, and Li Hui, Liu Erhai and Shao Xiaoheng, directors of lucky coffee, were dismissed at the same time. Then on July 14, Guo Jinyi was appointed as the new chairman and CEO, and Lu Zhengyao completely withdrew from the board of directors.
Meanwhile, the Grand Court of the Caymans and the high court of the British Virgin Islands, where lucky coffee is registered, now appoint KPMG as the liquidator of Lu Zhengyao and Qian Zhiya’s two companies to liquidate their shares in lucky coffee.
In July 15, 2020, KPMG published an article in its WeChat official account that the company had held more than 50% of the voting rights before the liquidation.
At present, the liquidation work has not been completed. And lucky coffee has retreated into the U.S. pink list market, no longer disclosing audited financial information.
In mid December 2020, the liquidator submitted his first report to the Grand Court of the Caymans, which disclosed the latest financial situation of lucky coffee. According to the report, the revenue of lucky coffee in the first three quarters of 2020 was 565 million yuan, 980 million yuan and 1145 million yuan respectively, of which the revenue in the third quarter increased by 35.8% over the same period of last year. Under the double attack of epidemic and fraud, such performance has been very good.
It is worth mentioning that, according to the report, in the third quarter of 2020, the revenue of self operated shops of lucky coffee was 976 million yuan, a year-on-year increase of 23%; in the second quarter, the revenue of self operated shops was 843 million yuan, a year-on-year increase of 37.3%.
Interestingly, the “request letter” signed by senior executives has a different view on this section.
The letter accused Guo Jingyi of purchasing snacks, umbrellas and other goods, work clothes, etc. in large quantities through a supplier called crestone. Even pointed out that crestone “almost lucky to have any new procurement projects, they immediately began to increase the scope of business.”.
In addition, the letter also pointed out that Guo Jinyi’s poor management ability and abuse of power caused serious losses to Ruixing.
In addition to the request letter, on the evening of January 6, two articles from Li Jun and Zhou Bin, vice presidents of Ruixing, were circulated on the Internet.
In addition to the self introduction part at the beginning, the wording of the two articles is basically the same, pointing out that on January 4, after a number of middle and senior managers of the company put forward strict requests to the board of directors and major shareholders, the board of directors did not give any positive reply, “instead of self reflection, Guo Jinyi encouraged all employees to sophistry and confuse the public”, “what’s more ridiculous is that he threw the pot to Mr. Lu and Mr. Qian?”
This seems to confirm Guo Jinyi’s statement that Lu Zhengyao and Qian Zhiya “coerced”.
In Guo Jinyi’s explanatory letter, in addition to accusing Lu Zhengyao and Qian Zhiya of leading the whole reporting incident, he also asked the board of directors of lucky coffee to set up an investigation team, saying that lucky brand “can not be tarnished by any old forces with ulterior motives”.
It seems that in Guo Jinyi’s view, Lu Zhengyao’s “ulterior motives” have been very clear. People familiar with the matter said Lu Zhengyao had been trying to get lucky coffee back and did not want to give up.
At present, the middle and senior management team of lucky coffee is almost promoted by Lu Zhengyao. Lu Zhengyao hopes to bring these old units with him when he sets up another mountain, said the person familiar with the matter.
On January 6, 2021, lucky employees in the social software pulse burst out: Lu Zhengyao started to lead the old venture commons related projects, and this project has lasted for a long time. Chat conversations on the social network show that Lu Zhengyao intends to directly poach the technical team of lucky coffee, just as lucky poached people from China in those years.
It is reported that Lu Zhengyao said that the commodity of his new venture project is an intelligent small room with an area of about 5 square meters. It is charged according to the minute. It has sofas, tables and chairs, TV, air conditioning, wireless network and so on. It can be used as a living room, and can also be transformed into a study room, a conference room, a VIP negotiation area, a tea room and so on. By scanning the code into the door, time-sharing leasing.
Lu Zhengyao said tiktok would be a billion dollar project comparable to its vibrato, with a target of 200 thousand units a year.
When the share price of lucky coffee was at its peak, its market value was just over $12 billion. Now, Lu Zhengyao has painted the pancake as big as eight lucky ones.
Even if it doesn’t work, the contradiction between Ruixing’s middle and senior management team and Guo Jinyi will make Ruixing’s future operation full of variables.
Guo Jinyi’s ability to become the chairman of lucky coffee should be unanimously recognized by the existing shareholders of the company, including Dazheng capital and pleasure capital.
The discord between Lu Zhengyao and Liu Erhai and Li Hui is an open secret. On July 2, 2020, lucky coffee held a board meeting. Liu Erhai and Li Hui proposed to let Lu Zhengyao resign as director and chairman of the board of directors, and held a general meeting of shareholders for approval.
Although Liu Erhai and Li Hui also left Ruixing’s board of directors at the shareholders’ meeting, Guo Jinyi became the person jointly selected by them.
This time, whether Guo Jinyi can retreat from the siege of a group of lucky middle and high-level, and control lucky coffee again, there are many variables.