Starbucks’ Chinese nemesis surges 20% in public debut

Shares of Luckin Coffeejumped 20% in its first day of trading on the Nasdaq stock market.
After opening at $17.00, shares of the Chinese Starbuckscompetitor climbed as high as $25.96, or more than 50%, before settling back down to $20.38 at the market’s close. The company has a market cap north of $5 billion after its first day of trading.
The brick-and-mortar coffee chain has achieved major success in China by offering speedy delivery services to Chinese consumers. The company has nearly