On the back of JD-SW (09618.HK)  -0.600 (-0.481%)    Short selling $163.85M; Ratio 23.037%   's RMB10 billion subsidy, beverage stocks stood out in the market, though the drag on delivery profits means that related companies need to balance subsidy allocation between discounts and delivery fees, according to CLSA's research report.

Between Luckin (LKNCY.US)      and MIXUE GROUP (02097.HK)  +20.700 (+4.192%)   , CLSA preferred the latter given that Luckin aims to protect profit margins, while MIXUE GROUP's product prices are already very low. The broker believed that Luckin's average product price may be limited, while the impact on MIXUE GROUP will be neutral.

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CLSA trimmed its target price for Luckin from USD38 to USD37 but raised MIXUE GROUP's from HKD445 to HKD645. Both companies were given an Outperform rating.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-06-20 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)