News

Luckin Coffee aims to go public in the US

April 24, 2019

Luckin Coffee, Starbucks’ top competitor in China, is planning to go public in the US.

The news, according to a CNN report, was revealed in a SEC filing Monday. The coffee seller, based in Beijing, operates more than 2,300 locations in China and has plans to more than double that number by the end of this year.

Starbucks Corp. operates about 3,000 stores in China and said it plans to double that number by 2022.

Luckin, valued at nearly $3 billion, has not revealed when the IPO will take place or how much it plans to raise with its IPO, according to CNN.

One distinguishing factor between Luckin and Starbucks is that the Chinese coffee seller does not accept cash, with payment solely through its app.