5/17, 5:10 PM (Source: TeleTrader)
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Luckin Coffee surges close to 50% in Nasdaq debut

Chinese chain Luckin Coffee started trading for the first time on the Nasdaq on Friday at $25 per share, 47% higher than its set IPO share price of $17. This brings its market capitalization close to $6 billion. The number of shares offered was 33 million, which is 3 million more than previously planned.

The company is considered a rival to Starbucks Corp., which is still the leading coffee chain in China. Its trading symbol on the Nasdaq is "LK."

Founded in 2017, Luckin Coffee has 2,370 stores in China, compared to Starbucks' 3,700.

Breaking the News / NI