Starbucks rival Luckin Coffee lists on Nasdaq with cars-to-lattes plan

Charles Zhengyao Lu, chairman and founder of Luckin Coffee, center left, and Jenny Qian Zhiya, CEO, center right, react as stocks start trading during the company's IPO on May 17. Photographer: Victor J. Blue/Bloomberg

The team behind Luckin Coffee Inc. is betting that what worked for them in car rentals will prove a success with java. Their $130 million annual cash burn — and rival Starbucks Corp.’s dominance in the Chinese coffee market — makes it a risky proposition.

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