A barista packs a coffee for online sales at a Luckin Coffee store in Beijing, China. Picture: REUTERS/JASON LEE
Luckin’s latest results provided some comfort to investors who have been looking for progress in the company’s financial position. Shares climbed 7% premarket to trade above $20 each. The Chinese start-up has faced questions over its strategy of burning millions to lure customers with discounts as it tries to unseat Starbucks as the top java seller in the world’s biggest consumer market.
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