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MORGAN STANLEY, CREDIT SUISSE AMONG LENDERS TO LUCKIN BOSS

 * Firm linked to Lu Zhengyao defaulted on $518 million debt
 * Credit Suisse, Haitong International were also major lenders

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Lu ZhengyaoPhotographer: Victor J. Blue/Bloomberg
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By Cathy Chan
April 8, 2020 at 8:28 AM GMT+8
Updated on
April 8, 2020 at 2:07 PM GMT+8
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Morgan Stanley, Credit Suisse Group AG and Haitong International Securities
Group were among the biggest participants in a series of margin loans to Luckin
Coffee Inc.’s founder before accounting fraud allegations at the Chinese company
triggered a collapse in the stock and caused him to default, a person with
knowledge of the matter said.

The banks were part of a group that extended margin debt to Luckin Chairman Lu
Zhengyao across three funding rounds, said the person, who asked not to be
identified as the matter is private. Haitong put up $140 million, while Morgan
Stanley and Credit Suisse lent about $100 million each, the person said.
Barclays Plc, Goldman Sachs Group Inc. and China International Capital Corp.
also had smaller exposures, the person said, adding that a portion of the loans
were repaid before the default.

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