, Columnist
I Drank Myself to the Bottom of Luckin Coffee’s IPO
The financial taste test says this company is selling tech-bubble Kool-Aid as much as espressos and lattes.
Drink the Kool-Aid before buying the shares.
Photographer: Fred Dufour/AFP/Getty Images
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The pending Nasdaq debut of China’s Luckin Coffee Inc. begs the question of whether it’s a purveyor of beverages, or a technology company.
As I pore through its 286-page IPO filing, I find myself struggling to decide. It’s kind of like Starbucks Corp., I guess, but also a lot like food-delivery giant Meituan Dianping and ride-hailing pioneer Uber Technologies Inc.