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Luckin Coffee Inc. (LKNCY)

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2.8750-0.0150 (-0.52%)
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Previous Close2.8900
Open2.9300
BidN/A x N/A
AskN/A x N/A
Day's Range2.8000 - 2.9900
52 Week Range0.9500 - 51.3800
Volume997,992
Avg. Volume7,332,857
Market Cap727.798M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est46.60
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  • GlobeNewswire

    Luckin Coffee Announces the Receipt of Penalty Decisions from the Chinese State Administration for Market Regulation

    BEIJING, Sept. 23, 2020 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. (the “Company” or “Luckin Coffee”) (OTC:LKNCY) today announced the receipt of penalty decisions (the “Penalty Decisions”) from the Chinese State Administration for Market Regulation and certain of its sub-bureaus (collectively the “SAMR”). The SAMR imposed an aggregate fine of RMB61.0 million on two Luckin Coffee entities and certain implicated third-party companies (“Implicated Companies”) due to their involvement in the fabricated transactions, which the Company disclosed in its press release on April 2, 2020 (the “Fabricated Transactions”). Pursuant to the Penalty Decisions, the conduct related to the Fabricated Transactions violated the PRC Anti-Unfair Competition Laws. The Company is fully committed to cooperating with the SAMR, and will dedicate all necessary resources to ensure full compliance by the Implicated Companies with the Penalty Decisions.Safe Harbor StatementThis announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of China’s e-commerce market; PRC governmental policies and regulations relating to the Company’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.About Luckin Coffee Inc.Luckin Coffee Inc. (OTC:LKNCY) has pioneered a technology-driven retail network to provide coffee and other products of high quality, high affordability, and high convenience to customers. Empowered by big data analytics, AI, and proprietary technologies, the Company pursues its mission to be part of everyone’s everyday life, starting with coffee. The Company was founded in 2017 and is based in China. For more information, please visit investor.luckincoffee.com.Investor and Media ContactsInvestor Relations: Luckin Coffee Inc. IR Email: ir@luckincoffee.comBill Zima / Fitzhugh Taylor ICR, Inc. Phone: +1 646 880 9039Media Relations: Luckin Coffee Inc. PR Email: pr@luckincoffee.com

  • Treasury Has $541 Billion of Dirty Little Secrets
    Bloomberg

    Treasury Has $541 Billion of Dirty Little Secrets

    (Bloomberg Opinion) -- More than 70% of Americans hold unfavorable views of China, a historical high, as many find fault in its handling of Covid-19. Yet that hasn’t stopped Americans from staking their retirements on the nation through their mutual funds. U.S. residents have amassed roughly $700 billion worth of mainland stock over the years, mostly in the technology sector. Government data may tell you there’s little at risk — Americans held only $154 billion of Chinese shares in 2017, according to the Treasury Department. This is a gross underestimation, Harvard University’s Antonio Coppola and his colleagues conclude. In a recent paper, the academics put exposure at $695 billion by 2017, or 4.5 times the official figure. The current level could be even larger, as the benchmark MSCI China Index has rallied more than 10% since then. The $541 billion discrepancy comes from the fact that many Chinese companies seeking listings in New York or Hong Kong issue shares via shell companies in tax havens such as the Cayman Islands. Beijing forbids foreign investment in strategic fields such as technology. As a workaround, the listing entities of “ATM” stocks — Alibaba Group Holding Ltd., Tencent Holdings Ltd. and Meituan Dianping, the Chinese equivalent of FAANG stocks — are all Cayman-incorporated units that don't directly own any key operating assets. While U.S. investors held $547 billion of stock issued by Cayman companies, according to Treasury data, close to 90% ultimately went to China Inc. instead, the authors find.According to their estimates, China is the third-largest foreign destination for U.S. money in the equity space, trailing the U.K. and Japan. Going by the Treasury data, however, the country doesn’t even enter the top 10.Why hasn’t President Donald Trump’s trade war and China Inc.’s poor corporate governance stoppedfund managers from accruing equities? In May, the Senate passed a bill that could force mainland firms to delist from U.S. exchanges, after Luckin Coffee Inc.’s spectacular accounting blowup earlier this year. Yet startups are still going public in New York at a brisk pace. Investors clamored for newly minted shares from electric-vehicle makers such as XPeng Inc. and Li Auto Inc., as well as online real-estate broker KE Holdings Inc. One explanation is that corporate China’s rise coincided with the death of value investing. The last decade has been marked by the absence of growth. Investors crowded into a few promising firms, buying them at sky-high valuations, or even turning a blind eye to management lapses. Meanwhile, they dumped cyclical sectors such as financials and energy, which made them cheaper by the day. Chinese firms play right into that narrative. Over half of the MSCI China Index belongs to fast-growing consumer-discretionary and communication-services sectors. MSCI Japan, by comparison, is more value-oriented, in that cyclical industrials remains its largest component sector. Recent initial public offerings have only reinforced the mainland’s growth image. From an AI chip designer  whose founders worked at the Chinese Academy of Sciences, to Jack Ma’s fast-growing and highly lucrative fintech unicorn Ant Group and cash cow mineral-water bottler Nongfu Spring Co., President Xi Jinping’s China has plenty to offer global investors.Even the macro data are encouraging. Exports are growing at double digits again, as the nation’s manufacturing hub kicks back into gear, selling face masks, medical equipment and computers to the world. Even retail sales, which have lagged, are back to pre-Covid levels. The U.S., meanwhile, is still struggling to contain the virus. In a stock world dominated by a handful of big U.S. tech names, fund managers who want to beat their benchmark indexes and justify their fees have to hold their nose and take their pick from smaller Chinese growth companies. The MSCI China Index is up 14.9% this year, outperforming the S&P 500 Index. National security hawks don’t want U.S. money to fund China’s rise, but they are swimming against a strong current. Perhaps all the Trump administration can do right now is pretend not to see the problem. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. She previously wrote on markets for Barron's, following a career as an investment banker, and is a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • GlobeNewswire

    Luckin Coffee Announces Appointment of Marcum Bernstein & Pinchuk as New Independent Auditor

    BEIJING, Sept. 18, 2020 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. (the “Company”) (OTC:LKNCY) today announced the appointment of Marcum Bernstein & Pinchuk LLP (“MarcumBP”) as the Company’s independent registered public accounting firm, effective September 17, 2020. The appointment has been approved by the Company’s Audit Committee and Board of Directors. MarcumBP succeeds Ernst & Young Hua Ming LLP ("EY"), which previously was the independent auditor providing audit services to the Company. The Company’s decision to change its auditor was due to timetable considerations regarding its Form 20-F for the period ended December 31, 2019. The decision was not the result of any disagreement (as defined in Item 16F(a)(1)(iv) of Form 20-F and the related instructions therein) between the Company and EY on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.The Company is working closely with MarcumBP and EY to ensure a seamless transition and intends to work expeditiously with MarcumBP for filing its Form 20-F for the period ended December 31, 2019 as soon as possible.Safe Harbor StatementThis announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of China’s e-commerce market; PRC governmental policies and regulations relating to the Company’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.About Luckin Coffee Inc.Luckin Coffee Inc. (OTC:LKNCY) has pioneered a technology-driven retail network to provide coffee and other products of high quality, high affordability, and high convenience to customers. Empowered by big data analytics, AI, and proprietary technologies, the Company pursues its mission to be part of everyone’s everyday life, starting with coffee. The Company was founded in 2017 and is based in China. For more information, please visit investor.luckincoffee.com.Investor and Media ContactsInvestor Relations:Luckin Coffee Inc. IR Email: ir@luckincoffee.comBill Zima / Fitzhugh Taylor ICR, Inc. Phone: +1 646 880 9039Media Relations:Luckin Coffee Inc. PR Email: pr@luckincoffee.com