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Luckin Coffee has been one of the most exciting companies to watch over the past few years. 

Alibaba and Meituan were burning cash to lock down domination in offline services. Then along comes an F&B company that reimagines what foodservice in China could look like. Built on the back of already existing infrastructure—robust delivery services and mobile payments—Luckin was a classic example of a successful disruptor: creating competitiveness exactly where the incumbent (Starbucks) was weakest.

As they scaled, however, cracks began to show. Many, including TechNode, began asking whether their business model could actually be profitable. Fast forward to February 1, 2020: A damning report pokes holes in much of Luckin’s narrative. Two months later, the company delays their Q4 2019 report and announces that their COO has falsified RMB 2.2 billion (around $310 million) in sales.

To help our readers understand the company and why its implosion was such a surprise, we’ve compiled our best analysis on Luckin we’ve published over the years.

As of this publication, we still don’t know whether Luckin will survive, but it doesn’t look good.

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