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.
