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0 -0.00028632784538311 -0.000858983536148923 -0.000858983536148923 -0.00386542591267015 0.000715819613457368 0.0107372942018611 0.00787401574803145
Stock impact report

Demand for Luckin app surges as Chinese rush to drink up after admission of fraud [Reuters]

Starbucks Corporation (SBUX) 
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Company Research Source: Reuters
Demand for Luckin app surges as Chinese rush to drink up after admission of fraud BEIJING / HONG KONG (Reuters) - Luckin Coffee’s app has rocketed to become the second most popular in China as consumers rushed to claim a free drink that it has long offered for downloading, worried the chain might collapse after it said much of its sales last year were fabricated. “I heard that if you download the app, you will get free coffee,” said Beijing-based Gan Lin, 35, who downloaded the app on Friday. “I’m not that into coffee but it would be a pity to lose the chance for a free drink. After all, you don’t know how much longer Luckin can hold on.” The coffee chain’s app usually ranks between the 70th and 100th most popular free app downloads for users of Apple’s iOS operating system in China, according to app performance tracker App Annie. Apple’s App Store is one of the biggest in China. Luckin’s shock announcement last Thursday that its chief operating officer and other employees had fabrica Show less Read more
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