Luckin Coffee’s trading on the Nasdaq exchange in New York on May 17, 2019. Photo: finance.china.com.cn

Here’s how Luckin Coffee, the ‘poster child’ and ‘dream client’ of Credit Suisse, turned into the bank’s worst nightmare

  • Credit Suisse was the lead underwriter for Luckin’s initial public offering last year in New York and the secondary sale in January, garnering 60 per cent of the banking fees, estimated at US$30 million for two deals valued at US$1.2 billion
  • The bank also led a US$460 million convertible bond sale in January and is on the hook for a portion of the US$518 million in margin loans to Lu that are now in default
Topic |   Banking & Finance
Luckin Coffee’s trading on the Nasdaq exchange in New York on May 17, 2019. Photo: finance.china.com.cn
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