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Luckin Coffee financing Analysis of the relationship between Luckin Coffee, Dawei Capital and pleasure Capital

Published: 2026-01-11 Author: World Gafei

Last Updated: 2026/01/11, Luckin Coffee has attracted a lot of public attention since he was delisted. On the evening of April 15, Luckin Coffee received the first round of capital financing of US $250 million after financial fraud. As soon as the news came out, it immediately triggered a heated debate in public opinion. Luckily, this round of financing comes from the two major shareholders of Dawei Capital and pleasure Capital. Before, we have introduced about these two major shareholders: Dawei Capital and pleasure Capital have a deep relationship with Luckin Coffee.

Since Ruixing Coffee was delisted, it has been receiving public attention.

On the evening of April 15, Ruixing Coffee obtained $250 million in the first round of capital financing after financial fraud. As soon as the news came out, it immediately triggered heated public opinion.

Ruixing this round of financing from Dazheng Capital and Pleasure Capital two major shareholders.

We have previously discussed these two major shareholders:

Dazheng Capital and Pleasure Capital have a deep binding relationship with Ruixing Coffee. Dazheng Capital and Pleasure Capital are leading private equity investment companies in China. They have participated in Ruixing Series A financing and Series B financing before. Dazheng Capital is also the earliest and largest external institutional investor of Ruixing, with a total investment of nearly US $180 million, while Liu Erhai, executive partner of Pleasure Capital, has invested in car rental in China since 2006, later invested in Shenzhou Special Car, and later Ruixing Coffee. At present, Dazheng Capital and Pleasure Capital are the existing shareholders of Ruixing Coffee. Before Ruixing Coffee scandal, Li Hui, chairman of Dazheng Capital and Liu Erhai, executive partner of Pleasure Capital, cooperated with Liu Zhengyao for many years. They cooperated closely in China Car Rental, Shenzhou Special Car and Ruixing Coffee. The outside world even called them "Iron Triangle". Until Ruixing appeared financial fraud and delisting crisis, the interests of Liu Zhengyao, Li Hui and Liu Erhai began to become inconsistent, leading to the "Iron Triangle" moving towards opposition. At that time, relevant media said: Lu Zhengyao wants to save himself, while Li and Liu care more about Ruixing's survival and the interests of investment institutions. After that, Ruixing Coffee's board of directors is deeply involved in internal fighting war.

So, why did these two organizations help save Lucky Coffee?

At that time, an investor said to the media: "I guess on the one hand, the land is out, on the other hand, the fundamentals of Ruixing should be good, and it is normal for these institutions to re-participate, because they know more about Ruixing." The shareholders are investing again for the survival of the company. After all, survival is the first priority of Lucky Coffee at this time."

One.

The rapid development of Ruixing coffee

On August 21,2020, Ruixing Coffee exceeded 20 million fans on its public account, while in private domain traffic, Ruixing revealed approximate data: 1.8 million private domain users contributed 35,000 cups of direct orders and 100,000 cups of indirect orders every day. Private domain orders also became the third largest order source channel after APP and Mini programs; In addition, Guo Jinyi, chairman and CEO of Ruixing Coffee, said in an internal letter sent to employees in February this year: The total number of stores in 2020 is nearly 4800 (including franchised stores), of which 120 new stores were opened in January this year alone, and the sales volume of ready-made drinks exceeded 300 million cups.

Two.

Lucky Coffee Capital's blessing

Ruixing coffee as a new domestic coffee brand, this two institutions financing, most industry people think: this is the capital market to Ruixing coffee affirmation again.

The financing of 250 million yuan makes Ruixing Coffee have the urgent need to suspend funds, and Ruixing Coffee has further strengthened the layout of the market.

On April 18, Ruixing Coffee announced that its first coffee roasting base had been officially put into operation, with a total investment of 210 million yuan, an area of 45,000 square meters and an annual roasting capacity of 15,000 tons of coffee beans. In addition, Ruixing Coffee has recently completed the coffee procurement plan for another production area. Ruixing Coffee has completed 1000 tons of Yunnan fine coffee in the new production season of 2020/2021, while on January 5 before, Ruixing Coffee also completed the largest order of Ethiopia's largest boutique coffee.

From a series of actions of Ruixing Coffee, the fake Ruixing Coffee is moving forward.

* Image source: Internet