Luckin Tea will launch a separate app and a mini-program focused on lower-tier cities.
Michael Norris from Agency China talks earnings. They go over the quarterly reports from Alibaba, JD, and Tencent, as well as Luckin Coffee’s very impressive report, which sent their stock soaring.
Shares slid overnight after losses hit nearly $100 million in the quarter.
Users can locate the nearest coffee machine and place an order through the Luckin app.
Delivery giants Meituan and Ele.me stand to benefit from the coffee giants’ latest battle
Michael Norris discusses Luckin Coffee’s IPO and how much of the business actually makes sense.
Luckin Coffee and Tencent have been partners since Sept. 2018.
The company is currently worth $2.2 billion following a $200 million round of funding in December.
Luckin is under financial pressures as the startup coffee chain is showing signs of overheating.
Coffee competition expands to second-and third-tier cities in China.