Luckin Coffee mulls expansion

Luckin Coffee's rapid expansion in China - opening 525 coffee chain stores in four months - has wooed more than 1.3 million customers and created an internet frenzy by challenging coffee giant Starbucks.

With investment of more than 1 billion yuan ($157.8 million) from Lu Zhengyao, CEO of car rental company Ucar Inc, and other founding members, Luckin Coffee aims to grab some of Starbucks' market share with a combination of delivery services, lower prices and smaller-sized stores - a brand strategy it calls Any Moment.

Qian Zhiya, CEO and founder of Luckin Coffee, and previously an executive at UCar, said the goal is to offer Chinese consumers an alternative to Starbucks.