Luckin’s impending implosion has led to a lot of soul-searching with many questioning the environment that allowed Luckin to thrive.
Luckin Coffee is offering a $400 million bond and issuing new shares less than a year after its Nasdaq IPO.
Luckin Tea will launch a separate app and a mini-program focused on lower-tier cities.
China’s Beijing Automotive Group (BAIC) is seeking to buy a stake of up to 21.26% in Car Inc, a Hong Kong-listed car rental company formed by Luckin Coffee chairman Charles Lu.
Charles Lu may still face a shareholder vote on to remove him as a director during an extraordinary general meeting to be held on Sunday.
The coffee upstart is expanding aggressively across product categories and markets.
China’s regulators have been cracking down on companies like that violate personal privacy and over-collect consumers’ personal data.
The results reflect an improved cost control strategy.
Users can locate the nearest coffee machine and place an order through the Luckin app.
Luckin’s expansion to the Middle East and India extend its competition with Starbucks to more markets.