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Luckin Coffee Unyielding In Cash-Burning Strategy

From kr-asia.com

China’s on-demand beverage startup Luckin Coffee has reportedly lost RMB 857 million (US$124 million) in the first three quarters of 2018, according to a Sina Technology report that references the company’s recent business financing plan. Luckin saw RMB 375 million (US$54 million) in revenue during the same period.

The firm had expected annual turnover of RMB 763 million (US$111 million) in 2018, with a forecast of growth to RMB 18.5 billion (US$2.7 billion) in 2021. In response to the media coverage on its loss, Luckin spokesperson claimed that the numbers are very much in line with their management team, adding further that the year-end losses will, in fact, mount even more over the last 3 months of 2018.

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