Naixue's Tea halves valuation for pre-IPO amid COVID-19, Luckin fiasco - sources

Date: May 2020
Chinese popular tea brand Naixue’s Tea, also known as Nayuki, has trimmed down the valuation of its latest fundraising round by more than half to lure investors as its operations have been hit by weak domestic consumption amid the coronavirus, as well as the recent Luckin Coffee [NASDAQ:LK] fraudulent accounting scandal, according to two sources familiar with the situation.
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