Luckin Coffee Plunged 36% on the First Day of Resumption of Trading!
On May 21, Luckin Coffee resumed trading on Wednesday and its stock price plunged by about 40% after the opening. The intraday drop reached 45% to USD 2.40, the lowest intraday price since listing one year ago. As of the close, Luckin Coffee's stock price was reported at USD 2.82, a decrease of 35.76%, and its market value was USD 710 million. Compared with the highest share price of USD 51.38 in mid-January of this year, its market value has evaporated to over USD 10 billion, equivalent to more than CNY 70 billion.