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Luckin on track to be largest coffee chain in China this year

Startup keeps bleeding cash in race against Starbucks

A cup of 'Luckin Coffee,' coffee is poured during the company's IPO at the Nasdaq Market site in New York, on May 17.   © Reuters

NEW YORK -- Chinese startup Luckin Coffee is steaming toward Starbucks as it looks to become the largest coffee chain in China this year, the company said Wednesday.

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