China’s largest coffee chain, Luckin Coffee, is planning to enter the US market and undercut rivals including Starbucks with its low-priced drinks, marking a comeback for the company after a fraud scandal that resulted in its Nasdaq delisting and a $180mn fine.
The Xiamen-based company is laying the groundwork for a US launch as early as next year, building out its supply chain and customising its technology for the market, according to two people with knowledge of the matter.
The expansion comes nearly five years after it was exposed for inflating revenues after raising $645mn in a US initial public offering in 2019. The fraud led to a wave of investor lawsuits and the company being booted off the main Nasdaq exchange.
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