12 Facts About Luckin Coffee

Luckin Coffee Inc is a Chinese coffee company and coffeehouse chain.

Luckin Coffee operates shops, stores, and kiosks that offer coffee, tea, and food.

Luckin Coffee quickly expanded over the years and outnumbered Starbucks in China by 2019.

Luckin Coffee filed for Chapter 15 bankruptcy in the US in February 2021.

In December 2021, Luckin Coffee received court approval from a federal judge in Manhattan to restructure $460M worth of debt and to settle a number of class-action lawsuits over the fabricated sales figures.

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Luckin Coffee was incorporated in October 2017, and by January 2018 had opened its first shops in Beijing and Shanghai.

Much of Luckin Coffee's expansion was fueled by an aggressive marketing strategy which saw the company spend three times as much as it earned to feed its growth.

Luckin Coffee gained exposure in the US stock market, applying to the Nasdaq and starting to trade at $17 a share.

Luckin Coffee thereby entered into a state of provisional liquadation.

Luckin Coffee agreed to the settlement without admitting or denying the SEC allegations which include defrauding investors by materially misstating revenue and expenses, inflating its growth rates and understating its losses.

On 30 September 2021, Luckin Coffee settled a US class-action lawsuit to resolve investors' claims for $187.

In December 2021, Luckin Coffee received court approval to restructure a large amount of debt and settle a number of lawsuits over fabricated sales figures.