As the number of urban factory workers in Fujian is dwindling, having fallen 22% between 2012 and 2016, the region is faced by the daunting challenge of repositioning itself on the industry specialization spectrum.
Luckin Coffee, the Starbucks challenger in China, is seeking to raise up to $510 million in the U.S. initial public offering (IPO).
On April 23, Luckin Coffee, the Chinese Starbucks challenger, filed for official IPO to the U.S. Security Exchange Commission, with the ticker symbol ‘LK’.
Luckin Coffee announced today that it has received additional $150 million new investments based on the Series B-round financing that was completed in November 2018. The company was valued at $2.9 billion after the investment.
Luckin Coffee, the Beijing-based Starbucks challenger, registered RMB 45 million ($6.7 million) worth of movable assets as collateral to Zhongguancun Sci-Tech Leasing, according to the National Enterprise Credit Information Publicity System.