A hedge-fund manager who secretly wrote a scathing report in 2020 that accused Luckin Coffee Inc. of accounting fraud is now backing the Chinese chain, calling it “a miracle in China’s business history.”
Snow Lake Capital, a Beijing-based hedge fund founded and run by Sean Ma, has bought a minority stake in Luckin and is betting that the formerly Nasdaq-listed company’s valuation will surge, the investor said in an interview with The Wall Street Journal on Monday.
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