A video screen in New York's Times Square featured Luckin Coffee for its IPO. Credit: rblfmr, Shutterstock
At the start of this year, Luckin Coffee was sitting pretty. On January 17, its Nasdaq-listed stock hit its all-time high — just above $51 per share — and its market capitalization passed $12 billion. The company also announced it had opened over 4,500 stores, overtaking Starbucks in China.
The coffee startup, founded in 2017, was touted as tech-savvy with a business model that
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