Luckin Coffee files for U.S. IPO
- Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, on Monday filed for an initial public offering with the U.S. Securities and Exchange Commission, after being valued at nearly $3 billion in its latest round of funding.
Luckin Coffee, expanding at breakneck speed, currently operates 2,370 stores in 28 Chinese cities and plans to open 2,500 new stores this year - displacing Starbucks as China’s largest coffee chain in the process. It, however, cautioned that revenues may not grow at the rate it expects that would offset higher expenses in the near future due to changes in regulation and increasing competition.
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