What's moving markets today: Live updates - CNN

Luckin Coffee (LK) believes it can take on Starbucks (SBUX) in China because it has developed a new tech-heavy retail model.

For example, its stores don't accept cash -- customers can only pay through the Luckin app, which offers loyalty bonuses.

CFO Reinout Schakel spoke to CNN's Julia Chatterley today. The Chinese company is set to go public on the Nasdaq today.

We want to provide a high quality coffee for a much more affordable price and still be able to become profitable," he said.

Schakel said he believes Luckin will become profitable "rather quickly" but declined to comment on exactly when.

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https://www.cnn.com/business/live-news/stock-market-news-today-051719/index.html

2019-05-17 18:05:00Z
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