On the US stock market, Luckin Coffee opened with an 81% plunge to $4.92, triggering 6 circuit breakers within an hour (S&P says, you're impressive!). As of now, it is still down 72%, at $7.21.
Before the market opened that day, Luckin admitted to financial fraud involving the COO and some employees, with an amount of 2.2 billion yuan. Keybanc has downgraded Luckin Coffee ADR rating from "buy" to "hold".
Once the pride of the nation, it went public quickly and collapsed even faster, leaving people astonished. It can be foreseen that tomorrow there will be news everywhere and long queues with coupons in front of Luckin stores.
When an avalanche happens, no coupon is innocent.
