Luckin Coffee stocks rise 20 per cent in first day of trading

Chinese start-up Luckin Coffee has officially begun trading on the Nasdaq stock exchange, with an initial public offering (IPO) going live on 17 May. “Our mission at Luckin Coffee is to be part of everyone’s everyday life, starting with coffee, and we believe joining the Nasdaq Stock Market represents an important milestone on our journey to achieving this goal,” says Jenny Qian Zhiya, Founder and Chief Executive Officer of Luckin Coffee. “Since Luckin Coffee’s founding in 2017, we have built a large and loyal customer base in a highly underpenetrated market, becoming China’s second largest and fastest-growing coffee network. As Luckin Coffee enters a new chapter as a public company, we look forward to further expanding the freshly brewed coffee market in China as we execute on our incredible growth opportunities.”      Luckin is China's second largest and fastest-growing coffee network in terms of number of stores and cups of coffee sold. The chain has placed an emphasis of coffee delivery, with customers purchasing coffee through a smartphone app. Read more:
• Coffee finds a home in China
• Luckin Coffee files for US IPO
• Luckin Coffee challenges Starbucks in China
 
“So far this year, 100 per cent of Chinese IPOs have chosen to list on Nasdaq. We are thrilled to welcome Luckin Coffee, the biggest Chinese IPO this year, to the Nasdaq family of the world’s most innovative companies,” says Bob McCooey, Chairman of Nasdaq Asia Pacific. Nasdaq reports that by the end of its first day trading, Luckin Coffee stocks finished almost 20 per cent higher than their US$17 starting price. Global Coffee Report has launched a LinkedIn Showcase page. Follow HERE for up-to-date news and analysis of the global coffee industry.