BEIJING, November 26 (TMTPOST) — China Securities Regulatory Commission (CSRC) has released two administrative penalty reports involving Lu Zhengyao, who was the board chairman of accounting-fraud-ridden Chinese coffee brand Luckin Coffee and president and CEO of UCAR. CSRC said in its investigation report that mobility service provider UCAR's fiscal reports lack authenticity as automaker Borgward was not included in the reports after being acquired. The investigation also found that QWOM Digital Technology did not disclose its relationship with and connected transactions with UCAR and Luckin Coffee. The two cases both involved Lu, who was one of the management team. Lu argued during the hearing that he did not intentionally commit the offenses and therefore should be exempted from punishment. CSRC did not accept Lu's defense and instead fined him a total of RMB300,000 (US$45,600).