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Tang Binsen is not only the founder of Chinese beverage brand Genki Forest – he is also an avid investor. Challengers Venture, founded by Tang, has become one of the fastest rising upstarts in the venture capital community.
This marks the opening of Luckin Coffee's 10,000th store and has been a milestone event for the company since its founding six years ago. Over the past six years, Luckin has witnessed its shining moment with its listing on NASDAQ in 2019 but also suffered from financial fraud allegations and bankruptcy reorganization in April 2020.
Luckin Coffee began to be profitable in May this year, meaning it has achieved its annual target ahead of schedule. The firm declined to comment.
Chinese tea beverage chains HeyTea and Nayuki Tea & Bakery are looking to be listed in Hong Kong next year, respectively aiming to raise $400-500 million, according to a report by The Paper.
The fraud scandal hasn’t knocked Luckin out of the ring: today, it remains China's second-largest coffee chain. How did Luckin survive the turmoil?