Introduction:Luckin Coffee has appealed a trust dispute case involving over 560 million yuan in repurchase payments and interest, with the core issue being whether UCAR should bear the responsibility for making up the difference. This case not only involves a huge sum of money but also touches on legal details such as the priority right to compensation for pledged shares, providing practical reference value for understanding commercial trusts and equity guarantees.
The latest development has emerged in the trust dispute between Luckin Coffee (China) Co., Ltd. and Yousheng (Tianjin) Technology Development Co., Ltd., Yousheng Chengyi (Tianjin) Information Technology Co., Ltd., and UCAR Co., Ltd. Due to disagreements with the first-instance judgment, Luckin has officially filed an appeal with the court, with the disputed amount reachingover 560 million yuan and corresponding interest, focusing on whether UCAR should be liable for the difference make-up.
The case originated on April 27, 2022, when Luckin Coffee, as the plaintiff, submitted a complaint to the court, demanding that Yousheng (Tianjin) Technology Development Co., Ltd. pay the aforementioned repurchase payment and interest, and requesting that UCAR Co., Ltd. bear the litigation and preservation costs. In addition, Luckin also claimed a pledge right over 40.36 million shares of UCAR and requested priority compensation rights over the proceeds from the disposal of these shares.
The first-instance judgment was issued on August 16, 2022, with the court ruling that Yousheng (Tianjin) Technology Development Co., Ltd. must pay Luckin Coffeeover 560 million yuan and interest, and allowing Luckin to have priority compensation rights over a portion of the proceeds from the discounting, auctioning, or selling of 36.99 million shares of UCAR pledged by Yousheng Chengyi (Tianjin) Information Technology Co., Ltd.
However, the court also dismissed other claims by Luckin Coffee, including the part requiring UCAR to bear the difference make-up responsibility. The total case acceptance fee was 2,929,467 yuan, of which Yousheng (Tianjin) Technology Development Co., Ltd. bore 2.9 million yuan, and Luckin Coffee only bore 29,467 yuan.
Regarding the first-instance outcome, Luckin Coffee chose to continue safeguarding its rights through legal channels. According to an announcement by the Kunming Intermediate People's Court on October 27, the court has served the appeal to the relevant defendants. In the appeal, Luckin argued that UCAR should bear theresponsibility for making up the differencefor the repurchase payments and interest that Yousheng (Tianjin) Technology Development Co., Ltd. was ordered to pay in the first instance.
Luckin Coffee also requested that the acceptance fee and property preservation fee for the second-instance case be jointly borne by UCAR Co., Ltd. and Yousheng (Tianjin) Technology Development Co., Ltd. This move is intended to strengthen its position and seek a more comprehensive division of financial responsibilities.
The involved Yousheng (Tianjin) Technology Development Co., Ltd. was established on November 15, 2018, with its registered address in Tianjin Free Trade Pilot Zone (Airport Economic Area). It is mainly engaged in computer software technology development and transfer, system integration, and computer equipment sales, among other businesses, with Li Fumin as its legal representative. The legal representative of Yousheng Chengyi (Tianjin) Information Technology Co., Ltd. is Li Fumin and Jiang Luwen.
UCAR Co., Ltd., with Lu Zhengyao, the founder of Luckin Coffee, as its legal representative, was established on June 27, 2022. Its headquarters is located in Beijing, and its business scope includes online ride-hailing services and software technology development.
The judgment in this case not only affects the capital flow between Luckin and the related defendants but also provides important reference for commercial legal practices such as equity pledge and difference make-up.
Additionally, for investors and corporate legal teams, understanding the court's basis for adjudicating priority compensation rights for pledged shares can also aid in future risk management and contract design.
The above content is compiled by CoffeeHunters, a coffee news website.
