LEGAL | Staff Reporter, China

Luckin Coffee preparing for an IPO: report

The Chinese coffee startup previously said they want to open 2,500 stores this year.

Further illustrating its ambitious growth plan, Luckin Coffee is planning to enter the Hong Kong stock exchange, according to sources by EqualOcean.

Previous reports say the coffee startup is aiming to open 2,500 more stores this year.

Luckin, currently with around 2,000 stores, draws parallels to similar ambitions by Starbucks and Costa which have previously announced their own growth plans in the growing economy.

"China is Starbucks' best and most profitable market now, but it took them nine years of making huge losses,'' chief strategy officer Reinout Schakel told Bloomberg this week. "We will be faster than that.''

Now valued at $US2.2 billion, Luckin is backed by investors including Singapore's sovereign wealth fund GIC and China International Capital.

(Also read: What's driving the brewing coffee war in China?)

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