A barista packs a coffee for online sales at a Luckin Coffee store in Beijing, China. Picture: REUTERS/JASON LEE
Luckin founder and CEO Qian Zhiya said the new strategy allows it to be asset-light and nimble. “It allows us to get closer to consumers and we are not restricted by the licence approvals,” she said at an event to launch the new business. Nasdaq-listed Luckin is selling 12-million American depository shares including 4.8-million secondary ones from Chinese private equity firm Centurium Capital. Based on Luckin’s close price of $35.11 on Tuesday, the deal could raise about $421m before any over-allotment option is exercised.
Luckin showcased two vending machines at the event — one featuring a Swiss Schaerer coffee machine that can make a variety of hot and iced drinks, as well as one offering a range of snacks.
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