Last year, I visited China and I was struck at how much major cities like Shanghai have rapidly modernized. But nowadays, the world’s second-biggest economy has been forwarding its own innovations. One is a relatively underappreciated company called Luckin Coffee (NASDAQ:LK). A homegrown rival to global juggernaut Starbucks (NASDAQ:SBUX), LK stock has soared since its initial public offering in May 2019.
As you might imagine, I’m long-term bullish on the organization. But what might surprise some readers is that I’m not bothered by the nearer-term challenges. Of course, I’m referring to the coronavirus from China. While we’ve seen some sharp volatility in LK stock from last month’s highs, I regard any ensuing corrections as buying opportunities.