Capital, Earnings & M&A
Are We Drinking 'Luckin' or 'Coffee'?
Discussions about Luckin Coffee have been polarized from the start, with supporters buoyed by the Q3 earnings report announcing per-store profitability, while detractors point to unsustainable spending and a short seller report alleging fraud. The report, not from Muddy Waters itself, claims Luckin's key metrics are inflated and its business model is fundamentally broken, but a closer examination reveals sampling issues and questionable assumptions.
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