Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
Huawei Posts Strong Revenue Growth Despite U.S. Export Ban
Tesla’s China Plant Is Hooked Up to State Grid Power Supply
Ant Financial Seeks Loan of as Much as $3.5 Billion at Lower Rate
LATEST
Tencent-Backed E-Book Platform Partners With Disney for ‘Star Wars’ Project
iQiyi Looks to AI to Force-Feed Ads to Viewers
Popular Walking App Accused of Financial Fraud
WeWork Putting the Brakes on China Push: Report
‘No New Progress’ on Zotye Joint-Venture With Ford
Qutoutiao’s Online Literature Unit Gets $100 Million Windfall
NBA’s China Crisis Has Already Caused ‘Substantial’ Losses, Commissioner Says
Northern China Aims to Curb Toxic Air Pollution by 4% This Winter
China’s Economic Growth Dips to New Nearly Three-Decade Low
Tesla’s China Plant Is Hooked Up to State Grid Power Supply
Didi Pushes Further Into Latin America With Eye on Costa Rica
Homeowners Demand Refunds After Developer Cuts Prices
Controversial WeChat Public Account Operator Eyes High-Tech Board IPO
Burgeoning Online Marketplace in Crisis After Luring New Shoppers With Merchants’ Money
Huawei Posts Strong Revenue Growth Despite U.S. Export Ban
Ant Financial Seeks Loan of as Much as $3.5 Billion at Lower Rate
China Freezes Some Social Media, Mobile Payment Accounts in Myanmar Cross-Border Fraud Crackdown
Popular Translation App Youdao Downsizes New York IPO
Popular Alibaba-Backed Social E-Commerce App Returns After Months-Long Absence
Cheap-Phone Maker Realme Eyes Upscale Turn With Pricey New Handset

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