Luckin Coffee Burns Investors With 39% Plunge
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Luckin Coffee Inc.’s initial public offering was met with great fanfare -- and then it wasn’t.
Shares of Xiamen, China-based Luckin Coffee soared as much as 53% to $25.96 on May 17, their first day of trading in the U.S. Since then, the stock has plunged 39% from that peak, even with a rally in the final half hour of trading Thursday that gave Luckin a 7.1% gain for the day.