$Luckin Coffee(LKNCY.US) rose slightly, $MGM CHINA(02282.HK) also rose a bit, while $AUNTEA JENNY(02589.HK) fell by -11%—both are in offline consumption, yet they are worlds apart.

$AUNTEA JENNY(02589.HK) has seen its market cap drop below the 10 billion mark since listing, with its supply chain and net profit margin being pressured by peers. Every rebound looks more like a window to escape. $Luckin Coffee(LKNCY.US) is at the other extreme, still expanding its store network and refining its single-store model. In the same bubble tea and coffee track, the pricing power gap spans an era. For $AUNTEA JENNY(02589.HK), which has fallen so much, are there any odds for a turnaround? Unless the franchisee ecosystem stabilizes first, even high odds mean catching a falling knife.