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Not So Lucky: Luckin Coffee Chairman’s Car Rental Shares Fall To All-Time Low

From: forbes.com

Shares in Luckin Coffee have more than doubled since the big China coffee chain began trading on the Nasdaq last year, making it one of the country’s best-performing IPOs in the U.S. during that stretch. Aside from a pioneering digital-payment-only business model, Luckin’s rapid growth and rivalry with Starbucks have made it an attractive story for investors and journalists despite the company’s financial losses.  Gains in Luckin’s stock price have vaulted its chairman Charles Zhengyao Lu into the ranks of the world’s billionaires.

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