According to a recent filing with the U.S. SEC, Luckin Coffee Inc. (ticker: "LKNCY") reported a total of 2,154,137,392 Class A ordinary shares, 136,172,004 Class B ordinary shares, and 295,384,619 senior preferred shares as of February 28, 2026.
As of that date, Centurium Capital held 164,790,181 Class A shares, representing 7.6% of the Class A total, and 100% of the Class B shares, amounting to 136,172,004 shares. Additionally, Centurium held 100% of the convertible notes, totaling 295,384,615. Overall, Centurium Capital's ownership stake stands at 23.1% with 47.8% of the voting power.
The company's Chairman and CEO, Guo Jinyi, holds 28,166,160 Class A shares, representing 1.3% of Class A shares, 1.1% of total issued shares, and conferring 0.7% of the voting rights. Senior Vice President Cao Wenbao holds 12,209,464 Class A shares, representing 0.6% of Class A shares, 0.5% of total shares, and 0.3% of voting power.
Other notable holdings include independent directors Feng Liu (744,728 shares), Sean Shao (693,208 shares), and Qianli Liu (290,328 shares). CFO Jing An holds 2,276,000 Class A shares, representing 0.1% of total shares. Joy Capital holds 107,235,500 shares (5% of Class A, 4.1% total stake, 2.8% voting power), and First Beijing holds 107,699,376 shares (5% of Class A, 4.2% total stake, 2.8% voting power).
A significant change occurred in 2025 when Centurium Capital's Chairman and CEO, Li Hui, replaced Guo Jinyi as Chairman of Luckin Coffee. Centurium is the company's largest shareholder. Li Hui, along with former Shenzhou Car Rental founder Charles Lu and Joy Capital's Liu Erhai, were once considered a core trio, collaborating closely to take multiple companies public, including Luckin Coffee.
Both Centurium Capital and Joy Capital played crucial roles in Luckin's growth, participating in key pre-IPO funding rounds. The company completed a $200 million Series A in July 2018, reaching a $1 billion post-money valuation, followed by a $200 million Series B in December 2018, valuing the company at $2.2 billion. In January 2020, Luckin completed a follow-on offering and convertible note issuance, raising approximately $1.13 billion, during which Centurium cashed out $230 million.
Months later, Luckin disclosed a RMB 2.1 billion accounting fraud scandal. This led to a rift between Charles Lu and the other two investors, Li Hui and Liu Erhai. Lu opposed a thorough investigation, while Li and Liu pushed for an independent probe to distance their funds from the fraud. In July 2020, a special shareholders' meeting removed Lu, Liu, and Li from the board, with Guo Jinyi taking over as Chairman and CEO. Subsequently, Lu divested his Luckin holdings. With support from Centurium and Joy Capital, Luckin worked to recover from the scandal over several years. Charles Lu later founded Cotti Coffee, employing similar strategies to compete with Luckin.
Comparing the 2025 and 2026 filings reveals a decrease in Centurium Capital's stake. As of February 28, 2025, Centurium held 31.3% of total shares with 53.6% voting power. One year later, its total stake fell by 8.2 percentage points to 23.1%, and its voting power decreased by 5.8 percentage points to 47.8%. This reduction was primarily due to a decrease of 206,617,007 Class A shares, lowering its Class A holding proportion by 9.8 percentage points. At Luckin's recent closing price of $33.44, with a market cap of approximately $9.57 billion, Centurium's share sales over the past year likely amounted to several hundred million dollars.
Since May 2025, several Luckin executives have reduced their holdings. SEC filings show Senior Vice President Zhou Weiming sold 40,000 shares twice on May 5, 2025, cashing out approximately $1.3724 million. Senior Vice President Zang Tian sold 60,000 shares on May 7, 2025, for about $1.98 million. Senior Vice President Jiang Shan sold 50,000 shares on May 13, 2025, for roughly $1.6575 million.
On September 2, 2025, Fei Yang sold 50,000 shares for about $1.857 million and an additional 100,000 shares for approximately $3.714 million. On November 18, 2025, Camel Zhengkai Limited sold 2,662,315 shares, cashing out about $106.49 million.
On the same day, Executive Director Cao Wenbao sold 100,000 shares for $4 million. He sold an additional 20,000 shares on December 8 for $735,000 and 4,448 shares on December 9 for about $168,600. In total, Cao Wenbao cashed out approximately $4.9036 million (around RMB 33 million). CFO Jing An sold 15,000 shares on November 20, 2025, for about $552,000. Camel Zhengkai Limited sold another 544,346 shares on May 5, 2026, for approximately $18.37 million.
Luckin Coffee has reported strong revenue growth in recent years. Annual revenue for 2023, 2024, and 2025 was RMB 24.9 billion, RMB 34.475 billion, and RMB 49.288 billion (approximately $7.035 billion), respectively. Net profit for those years was RMB 2.844 billion, RMB 2.955 billion, and RMB 3.6 billion (approximately $514 million), respectively.
However, recent quarterly profits have shown a year-over-year decline. Q4 2025 revenue was RMB 12.777 billion (approx. $1.8 billion), up 32.9% year-over-year, but net profit fell 38% to RMB 500 million (approx. $74 million). Adjusted net profit decreased by 25.4% to RMB 700 million. Q1 2026 revenue grew 35.3% year-over-year to RMB 11.995 billion (approx. $1.736 billion), but operating profit declined 2.6% to RMB 716 million, and net profit fell 3.3% to RMB 506 million.
Recently, Co-founder and CEO Guo Jinyi expressed confidence in the company's systemic competitive advantages to navigate short-term fluctuations and unlock long-term sustainable growth and profit potential. Based on solid fundamentals and confidence in the company's strategy and long-term prospects, Luckin has officially initiated its first share repurchase program, with a total value not exceeding $300 million over one year.
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