No wonder, chart break resistance, https://www.forbes.com/sites/greatspeculations/2024/11/19/luckin-coffees-resurgence-challenges-starbucks-dominance-in-china/
You see Luckin Coffee expand very fast especially in China US and Singapore. I took from the press release, Luckin Coffee founded in 2017, operates 21,343 stores globally as of the third quarter of 2024 (Q3FY2024). In Q3FY2024 alone, the company introduced 1,382 new net stores, a 6.9% unit growth compared to Q2FY2024. In Q3FY2024, Luckin Coffee reported a remarkable net income of RMB1,302.6 million. Luckin Coffee currently operates with a robust workforce, having served over 300 million cumulative customers in China and Singapore. The company’s average monthly transacting customers reached 79.8 million in Q3FY2024, representing a solid 36.5% year-on-year growth. In July 2024, Luckin Coffee celebrated a significant milestone with the grand opening of its 20,000th store in Beijing. The partnership with Luckin Coffee marks a pivotal step for HIB as it capitalises on the rapid expansion of one of the world's fastest-growing coffee brands. It is also a major step forward for HIB as it leverages the immense potential in the fast-growing F&B market, opening up new revenue streams and offering consumers a fresh, tech-driven coffee experience.