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Business deals

US hedge fund titan reveals $390m stake in China's Luckin Coffee

Steven Cohen's Point72 joins BlackRock in bet on Starbucks' Asian rival

Steven Cohen, one of the biggest names in the hedge fund world, is betting big on Starbucks' China rival Luckin Coffee.   © Reuters

NEW YORK -- Wall Street billionaire Steven Cohen's hedge fund Point72 Asset Management has snapped up a 5.1% stake in China's Luckin Coffee, a filing with the U.S. Securities and Exchange Commission on Tuesday revealed.

The transaction, which took place on Monday, gave Cohen control over 17 million American depositary shares of Luckin, worth roughly $390 million as of market close on Tuesday. Cohen is one of the most successful -- and controversial -- hedge fund managers on Wall Street, having gained fame as founder of SAC Capital Advisors. 

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