China’s hottest new coffee chain momentarily catapulted its founder into the billionaires club, less than 20 months after the startup opened its 1st trial location in Beijing
Victor J. Blue © 2019 Bloomberg Finance LP
Luckin Coffee, whose ascendance in the world’s second-largest economy has already minted its early investora billionaire, opened trading shortly after 11 a.m. ET on Friday on New York’s Nasdaq. Though the company priced the shares at $17, early demand caused the stock to briefly hit $25.96, giving it a market capitalization of nearly $6 billion. Its founder, Jenny Zhiya Qian, owns almost 17% of the company, giving her a fortune of $1 billion for mere minutes before falling back down.
By January 2019, Luckin Coffee had already served up some 90 million cups of coffee; by March, it had nearly 2,400 locations. It plans to reach 4,500 stores by the end of the year, surpassing Starbucks as the largest coffee chain in China. The American icon, which opened its first store in Beijing in 1999, has 3,600 locations in the country, though it plans to open 600 new stores annually through 2022 and has been expanding its delivery services.
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