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US hedge fund Point72 takes 5.1% stake in Luckin Coffee

U.S. hedge fund Point72 Asset Management LP has built a 5.1% stake in Chinese coffee company Luckin Coffee Inc., according to an ownership filing with the SEC dated Aug. 6.

The fund, owned and managed by billionaire Steven Cohen, now owns about 17 million shares in Luckin Coffee, Starbucks Corp.'s primary competitor in China.

Based on Luckin's closing price of $22.75 on Aug. 5, the last business day before Point72's ownership filing, the fund's holding is worth approximately $387.1 million.

Luckin Coffee also counts Centurium Capital, Joy Capital, Mayer Investments Fund L.P, Haode International Ltd. and BlackRock Inc., which invested $150 million in the coffee chain ahead of its IPO earlier this year, as its investors.