US-listed shares of Luckin Coffee Inc. jumped to the highest in more than three years after it rolled out an alcohol-infused latte with Kweichow Moutai Co. as the latter seeks to boost its appeal with a younger crowd.
The stock, which trades over the counter in the US, rose more than 5% to $33.60 on Tuesday, the highest since March 2020. That takes gains since its June 2020 low to about 2,300%. Trading volumes also surged, reaching more than 300% of the three-month average, according to data compiled by Bloomberg.
The tie-up between China’s biggest liquor company and the fast-growing coffee chain swiftly took over social media, with people wondering whether they could safely drive after consuming the drink and sharing reviews — mostly negative — of its taste.
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