Sep. 11 at 6:44 PM
$LKNCY — step back and look at the past year.
1. Two of the world's most sophisticated sovereign funds are now in the structure. Temasek filed a 13G in May at 6.4%. Mubadala just anchored the Centurium vehicle.
2. Large institutions have built real positions. First Beijing filed at 5.07% with sole voting and dispositive power. Fidelity funds hold across Blue Chip Growth, Pacific Basin and China Region.
3. Centurium's ownership has normalized — 31.4% → 22.1%, distributed in orderly tranches rather than dumped.
4. The company is buying back aggressively.
$287.2M of a
$300M authorization spent in four months, then upsized to 500. Luckin has repurchased 71.6m shares while affiliates distributed 21.0m.
5. All of this through the worst price war Chinese consumer has run. Q1 revenue +35.3% YoY, 33,596 stores.
Fundamentals have improved. Ownership is diversified. The stage is set for the stock to follow.
