Photo: VCG
Chinese startup Luckin Coffee is reportedly seeking to list on the Hong Kong stock exchange, according to research firm EqualOcean.
Investment banks have begun to prepare listing materials for the IPO, EqualOcean said.
Luckin was founded only 13 months ago, and quickly emerged as a fierce challenger to Starbucks in China.
Luckin’s estimated valuation is now $2.2 billion, after B-round funding of $200 million in December. It has opened 2,073 stores in China, aiming to launch another 2,500 in 2019.
The company refused to comment on the IPO plan.
Citing leaked financial information, local media reported that the coffee chain lost more than 857 million yuan ($127 million) in 2018, as Luckin has expanding rapidly.
Related: Coffee Upstart Luckin Plans to Overtake Starbucks in China This Year
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