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Conyers provided British Virgin Islands and Cayman Islands advice to Luckin Coffee (the “Company”) in connection with its US$570 million offering and listing of 33,000,000 American Depositary Shares on the NASDAQ Global Select Market, under the symbol “LK”.
The Company was founded in October 2017. By May 2019, it owned approximately 2,400 stores across 28 cities in the People’s Republic of China, and was the second largest coffee chain after Starbucks.
This matter was a complex one because of the Committed Private Placement of certain Class A Ordinary shares (public shares) to be issued to Louis Dreyfus Company B.V., immediately after listing which was a rare arrangement for a US listing.
Conyers advised on the US listing, as well as several rounds of pre-IPO PE financing with certain investors including BlackRock. Davis Polk acted as the issuer’s US counsel.
Counsel Wynne Lau of Conyers’ Hong Kong office advised on the matter, working alongside Davis Polk & Wardwell LLP and King & Wood Mallesons.
This matter has been shortlisted as one of the Equity Deals of the Year by IFLR Asia-Pacific awards 2020.