Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
Chinese Self-Driving Truck Firm Aims to Cover Most of U.S. by 2024
Trending in China: Chinese Netizens Tell Indian Prime Minister Modi To ‘Shut The Door On The Way Out’ As He Quits Weibo
Trending in China: If You Can’t Beat Them, Join Them – Why Tencent is Laughing At Itself
Meituan Eyes Robot-Enabled Deliveries with $14 Million Investment in PuduTech
India Ban Could Hit TikTok’s Parent Company to the Tune of $6 Billion
Sina Weibo to Issue $750 Million in Bonds
Embattled Leshi Forced to Sell Smart TV, Livestreaming Trademarks
Autowise.ai and Swiss Cleaning Carmaker Launch Driverless Street Sweeper
Trending in China: How an ‘Old Godmother’ Took on China’s Internet Giant and Won
China’s IT Spending Expected to Hit $297 Billion: IDC
TikTok Moves Data Protection of European Users from U.S. to U.K. and Ireland
Trending in China: Dazed and Confused – China’s Elderly in Online Pandemic World
Alibaba-Owned Taobao Live Sacks Former Operating Head for Corruption
Tesla Supplier CATL Breaks Ground With New Battery Lab
Chinese Online Educator Zuoyebang Receives $750 Million Investment
Didi to Halt Service in Several Japanese Prefectures Citing Impact of Covid-19
Trending in China: ‘Robotaxis’ A Brave New World or Creating More Unemployment?
Lazada Appoints Former Alibaba Executive as New CEO
Luckin Withdraws Lawsuit Against Starbucks As Sales Surge

By Ding Yi / Nov 15, 2019 01:30 PM / Business & Tech

Photo: VCG

Photo: VCG

Tech-savvy coffee brand Luckin has reportedly withdrawn a lawsuit against archrival Starbucks, ending a yearlong spat sparked when Luckin accused the U.S. company of “monopolistic practices” in China.

The news, which was reported Thursday by state-owned newspaper Beijing Youth Daily, comes after Luckin reported soaring revenue in the third quarter, up sixfold from a year ago to 1.5 billion yuan ($215.7 million). Luckin declined Caixin’s request for comment.

Last year, Luckin sued Starbucks for allegedly violating Chinese antitrust laws. The rapidly expanding Chinese company complained it had been rejected by several commercial property owners that had signed exclusive cooperation agreements with Starbucks.

At the time, Starbucks dismissed Luckin’s claims as marketing hype.

New York-listed Luckin aims to have 4,500 stores in China by the end of 2019, a figure that would put it ahead of Starbucks’ presence in the country. Its rapid growth owes much to huge product discounts offered to customers as part of what it calls a “money-burning” strategy.

Contact reporter Ding Yi (yiding@caixin.com)

Related: As Revenue Surges Sixfold, Luckin Loses Even More Money

Share this article
Open WeChat and scan the QR code