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.
hotel, with the cheapest costing 158 yuan ($23) per day for a small breed, and more than 300 yuan for
bigger breeds. The VIP room, which has a TV set and more space, comes with additional charges.
But the prices don’t deter pet owners and Chen said during the Labor Day holiday room
s were sold out two weeks in advance, and the VIP option was among the most popular.
According to the Ministry of Culture and Tourism, in 2018, domestic travel reached 5.54 billion journeys, up 10.8 per
cent year-on-year, while outbound travel topped 291 million, up 7.8 percent year-on-year.
Meanwhile, pet ownership has been rising steadily in China, from
59.12 million pets in 2017 to 73.55 million in 2018, up 24 percent year-on-year, ac
cording to an industry report released by Goumin.com, the country’s biggest online pet community.
difficult it was to take the picture and the occasions when will be used,” he added.
Chen Jing, another Beijing lawyer, said, “Footage and photos have yet been priced as stan
dardly as written work, and without clear pricing, some companies may sell the images at an unreasonably high
price or claim an expensive compensation but fail to make a reasonable payment to the authors,” said.
“It results in the authors not being able to have adequate rights prot
ection, consumers paying too much and companies gaining relatively high profits, whic
h, from our current analysis, are illegitimate,” said Chen, from the Commerce & Finance Law Office.
She agreed with Wang on improving laws to change the situatio
n, and told China Daily a new version of Chinese Copyright Law is being discussed.