Investors wake up and smell the Luckin Coffee

Investors wake up and smell the Luckin Coffee

FILE PHOTO: A cup of 'Luckin Coffee' coffee is poured during the company's IPO at the Nasdaq Market site in New York, U.S., May 17, 2019. REUTERS/Brendan McDermid/File Photo

Investors in Luckin Coffee Inc., China’s upstart rival to Starbucks Corp., should have seen this coming.