Shares of Luckin Coffee, a fast-growing rival to Starbucks in China, rose 20 percent in their US 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.
It brought in $125 million in revenue last year, but spent much more th
an that on coffee beans, store rent and other costs. Last year, it lost $475 million.
Most of Luckin’s stores are small, have few seats and are used mainly as a place to pick up mobile orders.
It also offers delivery in 30 minutes and promises a refund for delays or spilled drinks.
ut is confrontation,” said Solana, who is currently president of the ESADE Center for Global Economy and Geopolitics of Spain.
The senior politician and diplomat expressed concerns over the trade frictions between China and the United States, w
hich have conducted 11 rounds of trade negotiations, but have yet to reach an agreement.
The world’s two largest economies should engage in dialogue on an equal footing, Solana said.
“If they fail to resolve their trade problems, the global economy will start to suffer from this crisis,” he said.
lism are on the rise, a multilateral approach has to be maintained, he said.
Solana praised China’s hosting of the Conference on Dialog
ue of Asian Civilizations, and said this type of event could boost cooperation among different countr
thanks to measures to stimulate innovation, optimize the business environmen
t and public services, and to strengthen opening-up and cooperation in the digital sector.
“China’s high-tech industries, represented by new technologies, new industr
ies, and new products, have maintained rapid growth in recent months,” she said.
According to the commission, output in the high-tech manufacturing sector rose 8.7 percent ye
ar-on-year from January to April, 2.5 percentage points higher than that of industrial output. High-tech ma
nufacturing output was responsible for 13.6 percent of industrial output, 1 percentage point higher year-on-year.
Output of the electronics and communication equipment manufact
uring sector, pharmaceutical manufacturing and aerospace and equipment manufacturing wer