Luckin Coffee

Luckin Coffee’s management displayed supreme confidence

"Ironically, the global slowdown and slower growth in China might eventually help resurrect the sector": Shameen.

How did a coffee chain land US$15 million in Series A funding after launching at the start of a global pandemic?

Once seen as one of China’s brightest growth stories and the homegrown answer to Starbucks Corp., Luckin’s disclosure in early April that senior executives may have fabricated $310 million of sales has plunged the company into crisis.

The current coronavirus-induced recession has so far not produced a single high-profile bankruptcy, though one Chinese firm, Luckin Coffee, is now on the brink.

It was said that Ivar Krueger burned through — in today’s money — US$1.5 billion ($2.14 billion) of financier’s funds.

HONG KONG (July 3): China's Centurium Capital, a big backer of domestic startup Luckin Coffee, said it has raised more than US$2 billion ($2.7 billion) in its debut fund, giving the private equity firm more firepower to cut deals involving the world&#