by SONG Jianan

Nearly five years after its accounting scandal and US delisting, Luckin Coffee, one of China's largest coffee chains, is preparing for a return to US markets, CEO GUO Jinyi said at an event in Xiamen — though he offered no timetable.

In an emailed statement, Luckin said it "remains committed to the US capital markets" but has no clear schedule for a main-board relisting. The company's priority, it added, is strengthening operations, executing strategy and building brand competitiveness.

Founded in 2017, Luckin listed on Nasdaq in 2019 but was removed in 2020 after admitting to US$310 million in fabricated revenue and later paying US$180 million in penalties. After a full investigation, shareholders and executives tied to the scandal exited, with Centurium Capital becoming the controlling shareholder and installing new management.

Earlier this year, Luckin reshuffled leadership: Guo stepped down as chairman but remained CEO, while LI Hui of Centurium became chairman.

Luckin has rebounded after a weak 2024. In Q2 2025, revenue rose 47.1% to 12.36 billion yuan (US$1.7billion); GAAP operating profit climbed 61.8% to 1.7 billion yuan, with a 13.8% margin. The company now runs nearly 30,000 stores, serves 400 million registered users and employs 170,000 people. Guo said 2025 revenue should exceed 50 billion yuan.

"Today's Luckin Coffee has transformed into an essentially new company — with only the name unchanged," Guo said.

But relisting will be challenging. People familiar with the matter said success hinges on securing a top-tier audit firm and fully restoring trust in US markets still wary of the 2020 scandal.