Chinese beverage chain Luckin Coffee released its unaudited financial report for the first half of 2021, posting doubled revenue.
Luckin Coffee is striving for a business turnaround and repairing its image after the April 2020 fraud scandal.
Luckin responded Monday to fraud allegations from an anonymous report publicized by short seller Muddy Waters on Friday.
Luckin looks to fund its aggressive growth tactics including a vending machine initiative, and expansion into other consumables and overseas markets.
Naixue’s Tea, one of China’s largest tea beverage chains, is reportedly looking to raise $400 million in a US IPO as early as this year.
Luckin Coffee is offering a $400 million bond and issuing new shares less than a year after its Nasdaq IPO.
The results reflect an improved cost control strategy.
Users can locate the nearest coffee machine and place an order through the Luckin app.
The news also immediately comes after a delivery partnership between Luckin and Meituan was announced in December 2018.
Alibaba raises its bet in the logistics industry, China’s coffee war continues to brew, Bytedance adds a crucial piece to its e-commerce puzzle.