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Starbucks China Rival Luckin Coffee Files for U.S. Listing

By Han Wei / Apr 23, 2019 03:52 AM / Finance

Photo: VCG

Photo: VCG

Chinese coffee chain startup Luckin Coffee Monday filed for an initial public offering with the U.S. Securities and Exchange Commission, seeking to raise as much as $100 million on the Nasdaq.

To list under the symbol “LK,” Luckin Coffee has yet to release any information about pricing and valuation.

The fast-expanding coffee chain said last week it completed a new round of funding from investors led by BlackRock, bringing in $150 million to boost its total valuation to $2.9 billion.

To compete with Starbucks and expand its market share, Luckin prioritizes delivery and offers steep discounts and easy-to-use mobile-app ordering.

In 2018, Luckin booked total revenue of 841 million yuan ($125 million) with a net loss of 1.6 billion yuan. The loss reached 552 million yuan in the first three months 2019.

Related: Chinese Starbucks Rival Luckin Is Said to Start Work on U.S. IPO

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