Luckin Coffee began to be profitable in May this year, meaning it has achieved its annual target ahead of schedule. The firm declined to comment.
The fraud scandal hasn’t knocked Luckin out of the ring: today, it remains China's second-largest coffee chain. How did Luckin survive the turmoil?
Chinese tea beverage chains HeyTea and Nayuki Tea & Bakery are looking to be listed in Hong Kong next year, respectively aiming to raise $400-500 million, according to a report by The Paper.