Believe It or Not, Luckin Coffee Is Making a Comeback
Some investors may have written off the stock of Luckin Coffee (OTC: LKNC.Y), and for a good reason. In early 2020, the hypergrowth coffee company, labeled as China's answer to Starbucks (NASDAQ: SBUX), was caught falsifying sales and profit data ahead of a big capital raise.
The result was a de-listing from Nasdaq and a messy ousting of former management that was difficult and time consuming to achieve.
However, some may be surprised that even as stocks have swooned this year, Luckin's American Depositary Shares, which still trade over the counter, are up a scorching 82.3% in 2022. Here's how the company did it and what other catalysts could be in the offing.
Source Fool.com
