Luckin Coffee, the Chinese coffee start-up aspiring to overtake Starbucks in China by number of outlets, is set to be one of the biggest listings by a mainland company in the US this year.
The fast-growing chain, which is backed by investors including US private equity group BlackRock and Singapore sovereign wealth fund GIC, hopes to raise up to $510m with its listing on May 17.
Proponents reckon Luckin will do to China’s coffee market what start-ups have done to ecommerce and ride-hailing, disrupting a staid industry and winning market share before eventually building valuable and profitable businesses.
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