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.
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.