最近早上上班等电梯的时候经常能看到瑞幸咖啡的广告，身边也有不少同学和同事点瑞幸咖啡的外卖，据说首单免费，以后每单也有不少折扣。Ray老师之前也下载了瑞幸的app,但却一直没有使用。瑞幸成立短短18个月内开了两千多家门店，5月份在纳斯达克上市，速度可以说十分惊人，瑞幸的目标也不小，要在中国超过星巴克。但很多投资人也对瑞幸狂飙式的增长表达了担忧，今天我们一起看一下Financial Times的一篇报道，原文标题：Luckin Coffee shares slide on investor fears over cash burn 我做了全文翻译。
Shares in China’s Luckin Coffee have fallen 7 per cent since their initial offering last week, as investors worried about the company’s cash-burning expansion model and whether it can retain consumers without subsidies.
中国瑞幸咖啡的股价自上周上市以来已经下跌了7%， 因为投资者担心该公司烧钱的扩张模式以及没有补贴时能否留住消费者。
Initial offering或者initial public offering (IPO)公开募股
Cash-burning 烧钱（哈哈 真的是“烧钱”）
Luckin, positioning itself as a rival to Starbucks in the world’s second-largest economy, soared as much as 53 per cent on its first trading day in the US last week, bucking a trend of weak initial offerings in the US. The stock has since plunged 39 per cent from that peak.
在世界第二大经济体中，瑞幸把自己定位成星巴克的竞争对手，它的股价在上周美国个交易日中飙升了53%，逆转了美国公开募股的颓势。目前股价从顶峰暴跌了39%
Buck为动词，表示抵抗，抵制 如One or two companies have managed to buck the trend of recession. 有一两家公司顶住了经济滑坡的势头
The company gained a valuation of roughly $4bn less than two years after opening its first outlet in Beijing, on the grounds of rapid revenue growth driven by expansion in its store numbers to 2,370 in 28 cities in China. It is opening new outlets at a rate of 200-300 a month, putting it on track to overtake Starbucks, which has about 3,700 stores in the country after two decades operating in China.
自从北京家门店开业短短两年时间内，瑞幸店铺扩张到了28个城市，数量达到2370家，快速的收入增长使该公司的估值达到了接近40亿美元。瑞幸每个月新增200到300家门店，有望超越星巴克的3700家，而星巴克已经在中国运营了20年。
On the grounds that 表示基于…的原因，理由是
Be on track 有可能获得想要的结果 例如；we are still on track for 10% growth 我们仍有可能获得10%的增长率
But Luckin remains reliant on subsidies to spur sales, with heavy spending on discounts contributing to a net loss of Rmb551.8m ($80m) in the first quarter of the year.
但是瑞幸仍然依赖补贴刺激销售，巨额的折扣费用导致瑞幸在今年的季度净亏损人民币5.51亿元（8千万美元）
Spur:刺激，激励 看NBA的同学知道spur是“马刺”的意思
Revenue growth slowed significantly in the quarter from the previous three months.
相比较前三个月，季度的营收增长明显放缓
“Previously you would have groups from offices going to buy coffee because of the discounts,” said Shaun Rein, founder of China Market Research Group, a Shanghai-based research consultancy. “But we saw consumers stop going from February, as they decreased subsidies. There is very little brand loyalty to Luckin.”
“之前由于打折，办公室里成群的人购买” CMR集团，一家位于上海的研究咨询公司的创始人Shaun Rein说，“但是我们可以看到消费者从二月份开始就不去了，因为补贴减少了。消费者对瑞幸没什么品牌忠诚度”
Brand loyalty: 品牌忠诚度
Other coffee chains have been opening at similar price points in major cities which means “they’ve got more competition”, he added. Luckin focuses on delivery and most of its stores do not have seating. Nearly all its orders are placed through a mobile phone app.
其他咖啡连锁品牌也在主要城市以类似的价格开店，“这意味着竞争更多了”他补充道。瑞幸咖啡专注于外送，大多数门店没有座位。几乎所有的订单都来源于手机上的应用。
Starbucks, which had more than 50 per cent of China’s specialist coffee chain market by sales last year, has been forced to accelerate the roll-out of delivery services in its Chinese stores as well as ordering by its mobile app, which the company this week said had 8.3m active users in China.
以销量计算，在中国拥有超过50%连锁咖啡市场份额的星巴克被迫加快在店面推出外送服务，并增加手机应用订单，该公司本周声称其在中国已经有830万活跃用户。
Roll-out: 新产品推出市场
Scott Laprise, an independent analyst in Beijing, said some investors were concerned about Luckin’s negative cash flow. “They are also worried about new entrants into the market and that Starbucks might wake up,” he added.
北京的独立分析师Scott Laprise说一些投资者担心瑞幸的负现金流。“他们也担心星巴克可能唤醒的新的竞争者”他补充道。
Luckin’s 7.1 per cent decline from its listing price of $17 per share is still less than that of other recent IPOs such as ride-hailing service Lyft, which is down 20 per cent from a $72 offering price in late March.
瑞幸17美元每股的发售价下跌了7.1%,仍低于其他近期IPO的跌幅，例如打车服务公司Lyft，它72美元的初始发售价在3月末下跌了20%。
