Point72, a well-known hedge fund, bought 5.1% of Luckin Coffee for US $390 million.
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Well-known hedge fund Point72 spends US $390 million to raise Luckin Coffee's shares.
On Aug. 6, Point72, a well-known hedge fund, disclosed to the US Securities Regulatory Commission that it had increased its stake in Luckin Coffee by about 17.02 million shares, accounting for 5.1 per cent.
The capital market then gave positive feedback, and the share price of Luckin Coffee (LK.US) rose sharply. As of today, it rose 4.33% to a high of US $24.73, with a total market capitalization of 5.794 billion.
Point72 Asset Management, a family-owned fund manager with about $11 billion under management, made positive gains despite an average 6.7 per cent decline in the US hedge fund industry last year. Hedge fund magnate Steve Cohen is the fund's operator.
Prior to this, Ruixing only took four days from listing to breaking. On the evening of May 22nd, Luckin Coffee opened trading at the initial offering price of US $17 and then fell all the way down. Luckin Coffee shares fell 14.89 per cent to $14.75 at the close.
On July 23rd, the registered capital of Luckin Coffee (China) Co., Ltd. changed from US $750 million to US $1.05 billion, an increase of US $300m. It also paves the way for the future layout of surrounding products and adds new business scope.
Luckin Coffee signed a strategic cooperation framework agreement with Americana Group, the largest food manufacturing and sales company in the Middle East, on July 22nd. The two sides plan to set up a joint venture to carry out new coffee retail business in the Greater Middle East and India. Industry insiders believe that the significance of Luckin Coffee's move lies in the export of technology to expand overseas markets, and its business model has laid the groundwork for this for a long time. At the same time, from the content of cooperation between the two sides, Luckin Coffee's ambition is not in the coffee market, and food retail also has some room for imagination for Luckin Coffee to enrich its own product matrix in the future.
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See also Crossroads! Ruixing Coffee Joins Netease Cloud Music to Open "Music Theme Coffee Shop"
Professional coffee knowledge exchange More coffee bean information Please pay attention to coffee workshop (Weixin Official Accounts cafe_style) August 5, Netease Cloud Music and Ruixing Coffee officially announced that two jointly opened music theme coffee shops have officially opened to the public. Le Dao is a long-term music themed coffee shop integrating music experience and coffee drinks, located at No. 35 Sinan Mansion, Shanghai.
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Luckin Coffee's first financial report after listing: Q2 had a revenue of 900 million, a loss of 680 million, and the share price plummeted 16.74%.
Professional coffee knowledge exchange more coffee bean information please follow Coffee Workshop (Wechat official account cafe_style) on August 14, China's local coffee chain brand "Luckin Coffee" released its first financial results since it was listed on NASDAQ in mid-May. According to the latest financial report, the company's net income in the second quarter of 2019 was 909 million yuan (the same below).
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