Davis Polk Advises Luckin Coffee Inc. on Its Initial Public Offering, Nasdaq Listing and Private Placements

Davis Polk advised Luckin Coffee Inc. on its SEC-registered initial public offering of 33,000,000 American Depositary Shares for total net proceeds of approximately $570 million. Each ADS represents eight Class A ordinary shares of Luckin Coffee. Luckin Coffee has granted the underwriters an option to purchase up to an additional 4,950,000 ADSs. Davis Polk also advised Luckin Coffee on its concurrent private placement to Louis Dreyfus Company B.V. at the initial public offering price with an aggregate value of up to $50 million and its Series B-1 share issuance for an aggregate consideration of $150 million to certain investors, including private funds managed by BlackRock. The ADSs are listed on the Nasdaq Global Select Market under the symbol “LK”.

Luckin Coffee has pioneered a technology-driven new retail model to provide coffee and other products of high quality, high affordability and high convenience to the customers. Empowered by big data analytics, AI and proprietary technologies, Luckin Coffee pursues its mission to be part of everyone’s everyday life, starting with coffee.

The Davis Polk corporate team included partners Li He and James C. Lin and counsel-registered foreign lawyers Ran Li and Xuelin (Steve) Wang. Counsel Alon Gurfinkel and associates Veronica Davis and Omer Harel provided tax advice. Associate Jennifer Wang provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London and New York offices.