The investment was led by Country Garden Holdings, Tencent Holdings and Sequoia Capital.
Under the guidelines, games will undergo content vetting and the number of games allowed on to the market will be controlled.
The latest funding values the Starbucks challenger at $2.9 billion.
Shoppers in China will no longer be able to buy goods from other third-party merchants in the country.
Without approval, companies cannot monetise games in China, such as through in-game purchases.
Gaming firms such as Tencent - China's most valuable listed company - were able to continue filing applications, building up a backlog.
The app was developed by a largely unknown special projects team at Alibaba known as the "Y Projects Business Unit."
Authorities stopped approving the release of new titles from March last year amid regulatory overhaul triggered by growing concern about violent conte
The State Administration of Press, Publication, Radio, Film and Television approved 93 games in its third list since December.
Luckin, backed by GIC and CICC, gained a valuation of $2.2 billion after raising $200 million in a funding round last month.
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