Luckin enjoys extra strong backing for Trump-resistant IPO

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By Jonathan Breen
09 May 2019

US president Donald Trump caused turmoil in global financial markets this week, after threatening to ramp up tariffs on Chinese goods. But although Trump stirred up trouble, Chinese start-up Luckin Coffee was not put off from brewing a US IPO. With heavy-hitting institutional investors already piling in to the offering, the company looks on track to raise more than half a billion dollars. Jonathan Breen reports.

Luckin Coffee is being touted as China’s challenger to Starbucks. The start-up has drawn global interest for its rapid expansion — ballooning from a network of nine to 2,370 stores within barely 18 months.

But the company’s plan is to capture more market share in China’s growing coffee market, ...

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