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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.
Various cultural activities, including art performances, parades and food festivals, are offering visitors a taste of the colorful cultures of Asian countries.
The events, part of Asian Civilization Week, are auxiliary activities of the Confere
nce on Dialogue of Asian Civilizations, which kicked off on Wednesday in Beijing.
The Asian Food Festival runs until Wednesday. It has received wide attention from the public, has its main venue b
etween Beijing National Stadium, commonly known as the Bird’s Nest, and the Beijing National Aquatics Center, or Water Cube.
Food-related activities are also being held in three other cities-Hangzh
ou, Chengdu and Guangzhou. Visitors can enjoy a pepper eating competition in Chengdu, or at
tend a food container exhibition in Hangzhou, Zhejiang province, according to event organizers