(May 21): One of the first hedge funds to wager against Luckin Coffee Inc. is betting the stock’s 93% plunge this year has further to go.

See also: Why Luckin Coffee is now toast

Inventio Capital Management (Hong Kong) Ltd., led by Soros Fund Management LLC alumnus Wang Dawei, started shorting Luckin after its initial public offering in May 2019, adding to the position in April after the company became embroiled in an accounting scandal, according to a person with knowledge of the matter. The fund is still short after Luckin’s 36% tumble on Wednesday, the person said.

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