Shares of Luckin Coffee jumped 20% in their first trading day on the Nasdaq stock market.
After opening at $ 17.00, shares in the Chinese Starbucks competitor managed as high as $ 25.96, or more than 50%, before going down to $ 20.38 on the market. The company has a market value of north of $ 5 billion after the first trading day.
The brick and mortar coffee chain has achieved great success in China by offering fast delivery to Chinese consumers. The company has almost 2,400 stores compared to Starbucks & # 39; 3,500, but it plans to double that number by year-end as it will be the country's coffee king.
Luckin's success does not immediately seem to be counteracting the stock market success of Starbucks, which has had a glowing 201
Starbucks and Luckin Coffee may seem like deadly enemies, but their rivalry is more complicated than one might think immediately. Take a look at our extra-dive dive earlier this week on the Xiamen-based company economy.