Luckin Coffee’s PE owner gains more control over Chinese chain

The company’s American depositary receipts have gained 24% in the past 12 months

Published Fri, Feb 6, 2026 · 12:51 PM

Centurium Capital consolidated its holding in Luckin Coffee to tighten control over China’s biggest coffee chain.

The China-focused investment firm acquired 136.2 million Class B shares from Lucky Cup Holdings, an investment vehicle of one of Centurium’s funds, according to an exchange filing on Thursday (Feb 5). The transaction allows Centurium to streamline its ownership structure, without changing its stake in Luckin.

Following the deal, Centurium and its founder David Hui Li will hold a 23.28 per cent equity interest in Luckin. China Citic Bank’s Shanghai branch is providing a loan to help fund the purchase.

Founded in 2017, Luckin has expanded with more than 29,000 stores offering low-cost coffee and other customised drinks such as coconut or cheese lattes.

The company is considering acquisitions, including Nestle’s Blue Bottle Coffee, to elevate its brand profile and expand in the premium coffee segment, sources familiar with the matter have said.

Luckin’s American depositary receipts have gained 24 per cent in the past 12 months, giving the company a market value of US$10.4 billion. BLOOMBERG

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