China's Starbucks rival Luckin raises $561m in US offering

China's Starbucks rival Luckin raises $561m in US offering

An employee prepares an iced coffee beverage in a Luckin Coffee outlet in Beijing, China. Photographer: Gilles Sabrie/Bloomberg

Luckin Coffee Inc., a challenger to Starbucks Corp. in the race to dominate China’s growing coffee culture, raised $561 million in an expanded U.S. initial public offering.