Luckin Coffee Inc (LKNCY)

[Soco54]

“Luckin Coffee, which is based in Fujian, China, was incorporated just two years ago in June 2017 and began operations in October of that year. In the 18 months since then, it has grown from a single trial store in Beijing to 2,370 wholly-owned stores in 28 cities. Its customer base totaled 16.8 million “transacting” consumers as of March 31, according to its prospectus.

“Our mission is to be part of everyone’s everyday life, starting with coffee,” says the prospectus.

The company’s director and chief executive officer, Jenny Zhiya Quan, and an employee, Min Chen, hold 83.33% of the equity interest in the company.

Luckin is an emerging growth company with $125.3 million in revenue for the year ending Dec. 31, 2018. Its net loss for the year came to $241.3 million. It is the second largest coffee chain in China, says the prospectus, citing data from consulting firm Frost & Sullivan.”

https://www.marketwatch.com/story/5-things-to-know-about-chinese-starbucks-competitor-luckin-coffee-ahead-of-its-ipo-2019-05-01?mod=fa_center