SINA - Surprise! Luckin Coffee Stock Has Quietly Doubled Since Its Delisting
Investors in China's Luckin Coffee (OTC: LKNC.Y) have had to deal with a lot of surprises this year. Revelations of fraudulent accounting practices led to a long suspension in trading of the shares on the Nasdaq exchange. Top executives were ousted from the coffee store chain's C-suite. And finally, Luckin shareholders got what many had considered to be the final straw: notice that the stock would get delisted from the Nasdaq.
After all those things happened, many expected that the stock would simply disappear on what they saw as an inevitable path toward zero. Yet after more than a week of trading on the over-the-counter market, Luckin has defied those bearish calls. Instead, the stock has more than doubled. Here are some of the reasons why.
Image source: Luckin Coffee.