It was once valued at $12.7 billion. Now, Luckin Coffee isn’t even a unicorn

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It’s more than just coffee beans getting roasted Wednesday morning.

Shares of Luckin Coffee dropped 36% early Wednesday in its first day of trading since it was halted in early April over reports of fraud. Now facing a potential delisting from the Nasdaq altogether, investors are racing out of the company, reducing a business once valued as high as $12.7 billion to a fraction of its former glory: $731.5 million.

The delivery-first coffee upstart once wowed investors with ambitious plans to go toe-to-toe with Starbucks in China. But instead of a sprawling cafe empire, the three-year-old company served up massive

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