By Doug Young
A high-flying Chinese Starbucks imitator called Luckin (OTC:LKNCY) made global headlines around this time two years ago, tumbling from grace after admitting to massively cooking its books. Now, a much lower-profile, but similar, scandal is brewing at a Chinese cloud services company called Cloopen (NYSE:RAAS), which is saying as much as 10% of its sales in last year’s second quarter and up to 20% in the third quarter may have been faked by rogue employees.
