The sales of shares privately to a group investors in 2018 sounds very dodgy to me. Frankly, listing the company in Shanghai Exchange will give it a much higher valuable than in an US exchange.
There won't be any Chinese luckin coffee shaninigans in US exchange by end of 2021, according to new accounting standards https://www.thenationalnews.com/business/markets/us-to-delis.... Also, expect a large wave of Chinese companies delisting in 2021.
Friendly warning: check your mutual and index funds exposure to Chinese companies on US exchanges.