(Yicai Global) June 17 -- Luckin Coffee, China's biggest rival to Starbucks, has secured a trademark to start operating coffee vending machines in China.
Ruiji Coffee Technology, which runs the coffee chain, has applied for 'Luckin Coffee Express' labels for equipment, beer and other beverages, Chinese company information platform Tianyancha shows. Luckin Coffee's founder Qian Zhiya is the biggest shareholder of the applicant with an 84 percent stake.
Luckin Coffee has been increasingly bold in its expansion dreams after the firm went public on the Nasdaq on May 17. The Beijing-based company set up Luckin Bake unit in Tianjin in less than a week after getting listed in order to introduce more homemade cakes, pastries and bread on its menu. The company has said earlier it plans to have 10,000 stores by 2021, outstripping the number of Starbucks outlets.
Luckin Coffee may install the coffee machines in office buildings and schools in order to advance its medium and long-term strategy to get closer to its clients, Zhu Danpeng, a Chinese food analyst, told the Beijing Business Today. The company relies on a delivery model and offers heavy online discounts.
Luckin Coffee's [NASDAQ: LK] stock price rose 7 percent on June 14 to USD19.20. The initial public offering price for each share was USD17.
Editor: Emmi Laine