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Starbucks’ China Challenger Luckin Coffee Shares Fall Below IPO Price

From: cnbc.com

Shares of Luckin Coffee fell more than 7% in morning trading Wednesday, joining the likes of Uber and Lyft by dropping below its initial public offering price days after its debut.

The Chinese coffee chain opened for trading Friday at $25 per share, well above its IPO price of $17, and surged as much as 50% during its first day on the Nasdaq. But since then, the stock has fallen by more than 5%.

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