Luckin Coffee rallies on potential plan to list in Hong Kong

May 09, 2022 9:19 AM ETLuckin Coffee Inc. (LKNCY)By: Clark Schultz, SA News Editor

exterior of Luckin Coffee shop in China

Robert Way/iStock Editorial via Getty Images

  • Luckin Coffee Inc. (OTCPK:LKNCY) is considering a Hong Kong listing as it looks to make its comeback to the equity markets after being bounced from the Nasdaq in 2020.
  • That development follows Luckin Coffee (OTCPK:LKNCY) being one of 17 firms recently added to a SEC list of U.S.-traded entities that have a branch or office that is located in a foreign jurisdiction and an oversight board has determined that it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
  • Of note, the coffee chain has kept keep its business growing in China after firing three senior executives for fraud in 2020.
  • Looking ahead, Luckin Coffee (OTCPK:LKNCY) said it plans to continue to introduce services and products to improve earnings and long-term value for shareholders even as it navigates around COVID headwinds.
  • Shares of Luckin (OTCPK:LKNCY) rose 4.31% in premarket pink sheet action.
  • Read about Luckin's store growth plans.
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