Luckin Coffee (Beijing)(瑞幸咖啡（北京）)
Fast facts
- Year Founded
- 2017
Source: Luckin Coffee Websiteinvestor.luckincoffee.com/
- HQ Location
- Xiamen, Fujian, China
- Publicly Traded?
- No
- Overseas Operations
- Yes
Luckin Coffee Inc. is a Cayman Islands holding company that conducts its operations and operate its business in China through its PRC subsidiaries and VIE. On July 22, 2019, Luckin Coffee and Kuwait Food Company Americana K.S.C.C. (“Americana Group”), the largest integrated food product company in the Middle East, announced that they have signed a Memorandum of Understanding under which the two companies plan to establish a joint venture to launch a new retail coffee business in the Greater Middle East and India.Source: Luckin Coffee 2020 Annual Reportinvestor.luckincoffee.co/static-files/7d6b36bc-1c8c-4df6-a74f-962f6e7489faSource: Luckin Coffee Press Release and Statementinvestor.luckincoffee.com/news-releases/news-release-details/luckin-coffee-and-americana-group-sign-strategic-cooperation/
- US Sanctions
- No
- Military Affiliation in China
- No
Revenue
2020Source: Luckin Coffee 2020 Annual Reportinvestor.luckincoffee.com/static-files/7d6b36bc-1c8c-4df6-a74f-962f6e7489fa
Valuation
Valuation is reported as enterprise value. It was last updated on November 12, 2021.Source: Yahoo Financefinance.yahoo.com/quote/LKNCY/key-statistics/
Employees
Source: Luckin Coffee 2020 Annual Reportinvestor.luckincoffee.com/static-files/7d6b36bc-1c8c-4df6-a74f-962f6e7489fa
Luckin Coffee is pioneering a technology-driven retail model to provide coffee and other products of high quality, high affordability, and high convenience to their customers. Their mobile app and presence on other third-party platforms cover the entire customer purchase process, offering customers a 100% cashier-less environment. This unique intersection of retail and technology allows Luckin to gain valuable insight into consumer spending habits and adjust accordingly.
In 2020, Luckin Coffee announced that 2019 sales figures had been inflated by approximately RMB 2.2 B (USD 310.0 M). This revelation resulted in the eventual delisting of Luckin on the NASDAQ as well as a series of fines from Chinese and American regulators. Additionally, Luckin has filed for Chapter 15 bankruptcy in New York, protecting the company from potential lawsuits while simultaneously reorganizing in China; Luckin has stated that the bankruptcy will not impact day-to-day operations.
Source: Luckin Coffee Websiteinvestor.luckincoffee.com/
-
- Name
- Ownership
-
- Luckin Coffee (China)
Source: Tianyanchawww.tianyancha.com/company/3112185813
- 100%
- Luckin Coffee (China)
- Dr. Jinyi Guo, Chairman and Chief Executive Officer
- Wenbao Cao, Director and Senior Vice President
- Gang Wu, Director and Senior Vice President
- Yang Cha, Independent Director
- Wai Yuen Chong, Independent Director
- Feng Liu, Independent Director
- Sean Shao, Independent Director
- Reinout Hendrik Schakel, Chief Financial Officer and Chief Strategy Officer
- Fei Yang, Chief Growth Officer
- Shan Jiang, Senior Vice President
- Weiming Zhou, Senior Vice President
Source: Luckin Coffee 2020 Annual Reportinvestor.luckincoffee.com/static-files/7d6b36bc-1c8c-4df6-a74f-962f6e7489fa
Luckin Coffee Inc. is a Cayman Islands holding company that conducts its operations and operate its business in China through its PRC subsidiaries and VIE. On July 22, 2019, Luckin Coffee and Kuwait Food Company Americana K.S.C.C. (“Americana Group”), the largest integrated food product company in the Middle East, announced that they have signed a Memorandum of Understanding under which the two companies plan to establish a joint venture to launch a new retail coffee business in the Greater Middle East and India.
Source: Luckin Coffee 2020 Annual Reportinvestor.luckincoffee.co/static-files/7d6b36bc-1c8c-4df6-a74f-962f6e7489faSource: Luckin Coffee Press Release and Statementinvestor.luckincoffee.com/news-releases/news-release-details/luckin-coffee-and-americana-group-sign-strategic-cooperation/
Luckin Coffee (Beijing) Sanctions
While at this time it appears that this company is not the subject of any U.S. or other global sanctions, it is important to note that Chinese companies tend to have more opaque organizational structures than their Western peers. Chinese companies' affiliated brands, operating units, and overseas subsidiaries are not always obvious or even identifiable. Given this, a Chinese company may not be the subject of sanctions, but one of its subsidiaries may be, thus making it difficult to accurately ascertain a company's full sanctions status.
Luckin Coffee (Beijing) Reputational Disclosures
In April 2020, Luckin Coffee announced that it had lied about increased 2019 sales revenue by RMB 2.2 B (USD 343.4 M based on Novemebr 2, 2021 exchange rates). In response, the Board of Directors appointed a special committee to conduct an internal investigation. Fallout from this announcement included the firing of multiple executives as well as delisting notice being issued by NASDAQ. Luckin Coffee eventually paid the SEC a fine of USD 180.0 M to settle the matter. The following year, in February 2021, Luckin Coffee filed for Chapter 15 bankruptcy with the Southern District of New York and continues to undergo internal restructuring.
The latest news on Luckin Coffee (Beijing) from across the web
Luckin Coffee Non-GAAP EPADS of $0.08, revenue of $379.32M
Luckin Coffee press release (LKNCY): Q1 Non-GAAP EPADS of $0.08.Revenue of $379.32M (+89.5% Y/Y).Net new store openings in the first quarter was 556, resulting in a...
Luckin Coffee Inc. Announces Unaudited First Quarter 2022 Financial Results
First Quarter Net Revenues Increased 89.5%; Achieved Corporate Level Profitability for First Time 556 Net New Store Openings in First Quarter BEIJING,...
Luckin Coffee Reached its First Time of Gaining Positive Profit Since its Establishment
Luckin Coffee’s Q1 2022 financial report showed a good sign of the company’s development. Its growth in the stores opening marked the company’s position in China’s Coffee market.
Luckin Coffee Inc. ADR (LKNCY) CEO Jinyi Guo on Q1 2022 Results - Earnings Call Transcript
Luckin Coffee Inc. ADR (OTCPK:LKNCY) Q1 2022 Earnings Conference Call May 24, 2022 08:00 AM ET Company Participants Bill Zima - ICR Dr.
Luckin Coffee Delivers First Quarterly Operating Profit Since Founding
Chinese beverage chain Luckin Coffee released its unaudited 2022 first quarter report on Tuesday, showing it achieved revenue of 2.4 billion yuan ($359.9 million) during the period.
Scandal-Dogged Luckin Coffee Turns First Ever Operating Profit
Chain earned $3 million net profit in first quarter, a turnaround from a $35 million loss a year earlier
Luckin Coffee to Announce First Quarter 2022 Financial Results on May 24, 2022
BEIJING, May 16, 2022 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. (“Luckin Coffee” or the “Company”) (OTC: LKNCY) will release its first quarter 2022...
Luckin Coffee rallies on potential plan to list in Hong Kong
Luckin Coffee Inc. (LKNCY) is considering a Hong Kong listing as it looks to make its comeback to the equity markets after being bounced from the Nasdaq in 2020. Read more.
Luckin Coffee reverses after company clarifies there is no Hong Kong listing plan
Luckin Coffee Inc. (LKNCY) followed up on a report from the South China Morning Post about a potential listing in Hong Kong. Read more.
Luckin Coffee Denies Plan for Hong Kong IPO
News emerged on Monday that Chinese beverage chain Luckin Coffee is considering carrying out a public listing in Hong Kong as its business gets back on track. However, the company issued a statement denying such reports.
Nasdaq-Delisted Luckin Coffee Denies It’s Planning Hong Kong IPO
Scandal-dogged Chinese Starbucks challenger says it remains ‘committed to U.S. capital markets’
Luckin Coffee in $175 mln class action settlement over accounting fraud
End of the Luckin saga?: The coffee chain once thought of as Chinese Starbucks has reached a $175 million settlement with shareholders after fabricating sales figures to boost its share price.
China’s Luckin Coffee Shrinks First-Half Loss by 86%, Doubles Revenue to USD498 Million
Luckin Coffee lives: After being delisted by the Nasdaq for faking sales, the “Chinese Starbucks” shrunk its first-half losses by 86% this year and doubled its revenues.
Investor Sues Chinese E-Cigarette Maker RLX for Allegedly Misrepresenting Risks
The lawsuit, submitted Wednesday by shareholder Alex Garnett in the U.S. District Court for the Southern District of New York, alleges RLX’s registration statement from last October omitted the impact of ongoing efforts by Chinese regulators to tighten sales of electronic cigarettes.
Carson Block Calls for Delisting of Many Chinese Firms in U.S.
‘We have…roughly 400 companies from China listed in the U.S. that are literally beyond the reach of investigation and enforcement,’ the Muddy Waters founder said.
China’s Luckin Coffee Nets $260 Million Private-Equity Investment
The troubled coffee chain said the funding from two Chinese firms will support its debt restructuring and fulfill a U.S. regulatory penalty.
China's Luckin Coffee seeks US Chapter 15 bankruptcy protection
Xiamen-based chain's explosive growth was derailed last year by accounting fraud
One of the Year’s Worst Short Bets Defies Scathing Reports and an SEC Investigation
No stock has been more heavily attacked by activist short sellers this year than GSX Techedu, but the New York-listed Chinese tutoring company has so far come out on top.
China fines Luckin Coffee and linked firms a total of $9 million
China's markets regulator said on Tuesday it has fined a group of 45 firms, including Luckin Coffee, a combined 61 million yuan ($8.98 million) for acts linked to Luckin's falsification of financial records and misleading of the public.
Luckin Coffee Shareholders Vote to Oust Chairman Lu: Reports
Luckin Coffee Inc.’s chairman, Charles Zhengyao Lu, was ousted by shareholders from the scandal-plagued Chinese company, just days after surviving an effort by some directors to strip him of control, local media reports said, citing unidentified sources.
Luckin Coffee to delist from Nasdaq
Chinese chain will leave Monday as 13-month run comes to bitter end
Yum China Files Confidentially for $2 Billion Hong Kong Listing
Yum China Holding Inc. has filed confidentially for a Hong Kong listing that could raise about $2 billion, according to people familiar with the matter, joining other U.S.-traded Chinese companies seeking share sales in the financial hub.
China Battery Maker Suspended as Short Seller Questions Profits
A Chinese maker of electric vehicles plunged in Hong Kong after a critical report questioned the firm’s accounting.
China’s embattled Luckin Coffee adds lifestyle products to its menu
The Luckin saga continues as the Chinese coffee challenger seeks solutions to the undesirable consequences of a $310 million fraud. On Tuesday, the company announced sacking chief operating officer Liu Jian, the alleged mastermind behind the fraud, and chief executive officer Qian Zhiya, a rare female leader of a Chinese internet firm. Despite the scandal, the […]
China’s embattled Luckin Coffee adds lifestyle products to its menu – TechCrunch
The Luckin saga continues as the Chinese coffee challenger seeks solutions to the undesirable consequences of a $310 million fraud. On Tuesday, the company announced sacking chief operating officer Liu Jian, the alleged mastermind behind the fraud, and chief executive officer Qian Zhiya, a rare female leader of a Chinese internet firm. Despite the scandal, the […]
Luckin Coffee Still Expanding Full Steam Despite Sales Scandal
Luckin Coffee Inc. is opening stores at a breakneck pace in China and pledging internal company change as it tries to move beyond an escalating scandal involving $310 million in fraudulent sales.
Chinese cloud firm gears up for $3.8 billion US listing despite coronavirus uncertainty
Kingsoft Cloud's IPO comes amid a tough stock market environment due to the coronavirus pandemic and as scrutiny of Chinese listings in the U.S. intensifies following revelations of fraud at coffee chain Luckin Coffee.
Chinese Coffee Chain’s Scandal Renews U.S. Calls for Oversight (Published 2020)
The implosion of a Chinese competitor to Starbucks has bolstered the cause of American politicians aiming to stop opaque Chinese companies from raising money in the U.S.
Luckin Coffee Offices Raided by China Regulators on Scandal
Chinese investigators raided the offices of Luckin Coffee Inc. as part of a multi-agency investigation into its finances, according to a person familiar with the matter, as pressure grows on the formerly high-flying coffee chain at the center of an accounting scandal.
Luckin Coffee Under Investigation by China’s Top Commerce Regulator
China’s top business and commerce regulator is investigating Luckin Coffee, after the Nasdaq-listed chain revealed that much of its 2019 sales were fabricated and caused massive losses for many investors.
Luckin Coffee (LK) Stock Plunges on Accounting Probe
Luckin Coffee Inc., the fast-growing Chinese coffee chain, plunged as much as 81% on Thursday after the company said its board is investigating reports that senior executives and employees fabricated transactions.
China Bubble Tea Chain Naixue Seeks $400 Million U.S. IPO
Naixue’s Tea, one of the biggest bubble tea chains in China, has filed confidentially for a U.S. initial public offering that could raise as much as $400 million, according to people familiar with the matter.
China's Luckin partners with Louis Dreyfus to launch juices
China's Luckin Coffee Inc and International commodity merchant Louis Dreyfus Company (LDC) [AKIRAU.UL] plan to develop a juice business, as the coffee chain expands into new drink categories in its battle with Starbucks Corp .
Nestle to Start Selling Starbucks Coffee Products in China
Nestle SA plans to introduce its first-ever range of Starbucks Corp.-branded products in China, as part of a global tie-up that will help bolster the Swiss company’s proprietary Nespresso capsules in one of its fastest-growing markets.
Joy Capital closes $700M for early-stage investments in China – TechCrunch
Joy Capital, the venture capital firm that has backed Luckin, NIO, Mobike and other investor darlings in China, just raised $700 million for a new fund focusing on early to growth-stage startups. Launched in 2015 by a team of former investors at Legend Capital, the investment arm of PC maker Lenovo’s parent company, Joy Capital […]
Luckin Coffee surges as much as 50% in its market debut
The Beijing-based chain trying to overtake Starbucks as the largest coffee purveyor in China makes its Nasdaq debut.
Luckin Coffee, Chinese Rival to Starbucks, Jumps in Its U.S. Trading Debut (Published 2019)
The successful initial public offering by the rising coffee company bucks the recent trend of weakness among tech start-ups in China.
Starbucks' China rival Luckin seeks to raise up to $586.5 million in IPO
Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, is looking to raise up to $586.5 million, its filing with the U.S. Securities and Exchange Commission on Monday showed.
Starbucks Ties Up With Alibaba to Deliver Coffee in China
Starbucks is joining with e-commerce giant Alibaba to deliver beverages and snacks, as it seeks to reverse a sales decline in China.
