Shares of Luckin Coffee, a fast-growing rival to Starbucks in China, rose 20 percent in their US stock market debut Friday.
The Chinese company, which opened its first store in Beijing less than two years ago, has 2,370
locations and plans to surpass the 3,700 stores Starbucks has in China by the end of the year.
It brought in $125 million in revenue last year, but spent much more than
that on coffee beans, store rent and other costs. Last year, it lost $475 million.
Most of Luckin’s stores are small, have few seats and are used mainly as a place to pick up mobile orders.
It also offers delivery in 30 minutes and promises a refund for delays or spilled drinks.
was about ground operations, such as telemetry, tracking and command of spacecraft.
“I want to study satellites. I want to learn and work on communications satellites operating in low Earth orbit, because no
w we have a communications satellite in geosynchronous orbit, and remote-sensing satellites in low Earth orbit,” he said.
“I want to learn how to combine these technologies and do some research here in Beijing, s
o when I come back to my country I can help to develop our own satellite technology,” he added.
Each of Venezuela’s three satellites－one communication and two r
emote-sensing satellites－was designed, built and launched by China.
The Beijing-based China Academy of Space Technology, a subsidiary of State-owned spa
ce giant China Aerospace Science and Technology Corp, is a major developer of satellites and spaceships in China.