Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
Chinese Company Found Guilty of Making Jaguar Land Rover Copycat Is Appealing
Streaming Video Leader Bilibili Tries to Assuage Users After Massive Code Leak
Starbucks China Rival Luckin Coffee Files for U.S. Listing
LATEST
Former Guizhou Governor Gets 20 Years in Prison and $26 Million in Fines for Corruption
Tencent-Backed Private Healthcare Platform Raises $250 Million
Investors Give Thumbs Down to China Mobile, Unicom Earnings
China’s Civil Code Could Include Tightened Provisions on Gene Editing
Seven Companies to Start Selling First Funds for High-Tech Board Stocks
Top Chinese Prosecutor Says It Ordered Former Interpol President’s Arrest
‘Avengers’ Fans Swarm Chinese Cinemas for Premiere
Beijing’s New Airport Invites Fierce Competition for Seoul and Paris Routes
Local Governments Report Upbeat Economic Data
Electronics Giant TCL Posts Strong Revenue Growth After Reorganization
Fosun Chairman Tells Jack Ma He’s Been ‘Thinking About Succession’
High-Tech Board Publishes ‘Common Problems’ It’s Seen in Applications So Far
China’s State Firms Report Solid Performance
Draft Revision to Securities Law Adds New Section for High-Tech Board
Power Grids Face Stricter Price-Setting Oversight
EV Explosions Spark Safety Concerns
Popular KMT Politician Fuels Speculation Over Run for Taiwan’s Top Office in 2020
China’s Tax Cuts Total $50 Billion in First Quarter
Hainan Officials Given 'Demerits' for Damaging Environment
China’s Bike-Sharing Startup Ofo Is Being Booted From Singapore

By Bloomberg / Feb 01, 2019 03:49 PM / Business & Tech

Photo: Bloomberg

Photo: Bloomberg

Luckin Coffee, the ambitious Chinese startup rolling out thousands of stores to take on Starbucks Corp., is beginning preparations for a U.S. initial public offering that could raise around $300 million, people with knowledge of the matter said.

The company is working with Credit Suisse Group AG on the deal, which could take place as soon as the second quarter, according to the people. Luckin could add additional banks at a later stage, the people said, asking not to be identified because the information is private.

Luckin is spending heavily to roll out 2,500 additional stores this year, after the company opened about 2,000 outlets in 2018, its first year of operation. It’s putting pressure on Starbucks, which has made China into its fastest-growing market and the second-biggest among the over 50 countries it operates in.

The Chinese firm is hoping its focus on convenience and affordability will lure urban office workers who don’t need the big plush spaces offered by Starbucks. It has also prioritized delivery and inked a partnership with internet giant Tencent Holdings Ltd.

Luckin has attracted funding from investors including Singapore sovereign wealth fund GIC Pte and was most recently valued at $2.2 billion. Plans for the IPO are at an early stage, and details of the transaction could change, the people said.

Representatives for Luckin and Credit Suisse declined to comment.

Related: Coffee Upstart Luckin Doubles Valuation

Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.