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Luckin Coffee, China’s unprofitable Starbucks rival, went public today and its shares are soaring

Natasha Frost
Luckin Coffee, China’s unprofitable Starbucks rival, went public today and its shares are soaring

Investors in Luckin Coffee, a Beijing-based company that hopes to topple Starbucks, have grounds for celebration today. Luckin started trading on the Nasdaq, where it opened at $25 a share, well above the company’s IPO price of $17. Luckin’s main offering is its smartphone app, which lets customers purchase coffee for delivery or pickup at nearby locations and gives the company crucial data on regional tastes.