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NEW YORK (AP) — Luckin Coffee, a fast-growing rival to Starbucks in China, jolted higher in its U.S. stock market debut Friday.
The Chinese company, which opened its first store in Beijing less than two years ago, has 2,370 locations and plans to surpass the 3,700 stores Starbucks has in China by the end of the year. Unlike Starbucks, most of Luckin's stores are small, have few seats and are used mainly as a place to pick up mobile orders.
Luckin raised $561 million in its initial public offering Friday by selling 33 million American depositary shares at $17 apiece. The ADS, which is trading on the Nasdaq under the symbol "LK," shot up 44% to $24.50 Friday midday.
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