China’s biggest coffee chain is coming to the U.S.

Luckin Coffee has more stores than Starbucks in China.

Transcript

00:00China's largest coffee chain is officially coming to the U.S. Luckin Coffee, which has

00:05more than twice as many stores than Starbucks in China, plans to open its first state-side

00:10location in Manhattan. Luckin Coffee is known in China for low prices and quirky flavors.

00:16Customers can get a cup of coffee for as little as $1.40. In addition to its stores, the company

00:21also has its own coffee bean roasting and processing plant, allowing it to keep prices

00:26lower. As for the drinks, when it introduced an alcohol-infused latte back in 2023, it sold

00:33more than 5 million cups on the first day it was made available. Luckin introduced over

00:37100 new items in 2024 alone. Luckin has made a massive comeback after a fraud scandal rocked

00:44the company back in 2019. Its COO at the time was accused of manufacturing most of the company's

00:50sales numbers that year. That led to it getting delisted from the Nasdaq in 2020, but since

00:56Johnson, shares have luck and have risen tenfold. That'll do it for your daily briefing from

01:00the New York Stock Exchange. I'm Caroline Woods with The Street.