Luckin Coffee's share price has soared, with a latest market capitalization of more than $6.3 billion.
Professional coffee knowledge exchange more coffee bean information please follow the coffee workshop (Wechat official account cafe_style)
Luckin Coffee opened high on Monday, rising nearly 9% at one point in intraday trading, reaching as high as $27.12. The closing price narrowed to 6.66%, closing at a record high of $26.58, with a market capitalization of more than $6.3 billion.
Coffee Luckin Coffee's rally began on July 22, when the company announced the signing of a strategic cooperation framework agreement with Americana Group, the largest food manufacturing and sales company in the Middle East, in Beijing. The two sides plan to set up a joint venture to launch a new coffee retail business in the Greater Middle East and India. Luckin Coffee's share price has risen more than 30 per cent from July 22nd to Monday.
Luckin Coffee landed on Nasdaq on May 17, 2019. As of July 16, 2019, Luckin Coffee has settled in 40 cities in China, with more than 3000 stores. The company plans to build more than 4500 stores by the end of 2019, making it the largest coffee chain in China, and 10, 000 stores by the end of 2021.
Meanwhile, Starbucks shares fell 1.10% to $98.02 on Monday. JPMorgan downgraded Starbucks to neutral from overweight and said it had "limited room to rise in the future" given that Starbucks shares have risen more than 90 per cent in the past 12 months.
Starbucks' third-quarter earnings report on Thursday beat Wall Street expectations, sending its shares up more than 9 per cent, marking "the biggest one-day gain since November 2", which Ivankoe said made it "well above our target price of $91 for December 2020". "the valuation has exceeded the limit," he said.
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