(Yicai Global) Sept. 3 -- Shares in Haers Vacuum Containers surged today after the flask maker penned an agreement to supply Starbucks' biggest China rival Luckin Coffee with promotional products.

Its share price [SHE:002615] had hit the 10 percent daily limit to reach CNY6.36 (89 US cents) as of 9.35 a.m. and has stayed there since.

The Zhejiang province-based firm said last night that it had signed a three-year contract with Luckin to design and manufacture its promotional products. Luckin will sell the products in store, through its apps and via its e-commerce shops on Tmall and JD, according to the statement.

Haers made similar deals with the Chinese national mountaineering team and Disney in 2015. It also made official drink ware souvenirs for the 2016 G20 Hangzhou Summit.

Luckin has made a name for itself by piling up debt in a bid to take on Starbucks in China. It opened its first store in 2017 and now has 2,370 stores in 28 cities nationwide, but doubled its 2018 first-half loss to nearly USD1.4 billion in the first six months of this year.

The Beijing-based firm went public in May and its shares [NASDAQ:LK] closed at USD21.10 yesterday, up 24 percent from its initial offering price.

Editor: James Boynton