Luckin Coffee Launches New Roasting Plant in Kunshan, Jiangsu

Kunshan, Jiangsu, April 24, 2024 — Luckin Coffee announced the official commencement of operation of the new roasting plant in Kunshan, Suzhou City of Jiangsu Province. With a total planned investment of $120 million and an annual roasting capacity of 30,000 tons, Luckin Coffee (Jiangsu) Roasting Plant is the largest coffee roasting plant in China to date.

Leveraging advantages in intelligent manufacturing and automation, this new Luckin plant deepens its vertical integration of the coffee supply chain, thereby empowering Chinese coffee industry upgrades with new technology-driven productivity and leading a new trend of high-quality sustainable development.

Mr. David Li, Chairman and CEO of Centurium Capital, and Dr. Jinyi Guo, Chairman and CEO of Luckin Coffee, along with local government officials and its key business partners, attended the opening ceremony.

Luckin Coffee (Jiangsu) Roasting Plant is located within the Kunshan Comprehensive Free Trade Zone. Throughout the production process, it utilizes cutting-edge intelligent equipment from around the world, achieving highly efficient automation in the entire process from green bean processing, coffee bean roasting, packaging, to warehouse logistics. The plant is equipped with the first constant temperature and humidity coffee green bean warehouse in China.

Meanwhile, the plant applies energy-saving and carbon-reducing technologies in areas such as water recycling, solar photovoltaic power generation, and heat recovery, leading the industry in green development and setting a new benchmark for the environmental friendliness of China’s coffee roasting facilities.

Luckin Coffee is committed to building professional capabilities by bridging and expanding the entire coffee industry supply chain and actively contributing to in the rapid growth of China’s coffee industry. In 2021, Luckin Coffee unveiled its first fully automated intelligent roasting plant in Fujian. Leveraging the two major coffee roasting sites in Jiangsu and Fujian, Luckin Coffee boasts a self-processing roasting supply network with an annual capacity exceeding 45,000 tons. This will enable the company to respond more quickly and accurately to consumer demands, as well as fast delivery of high-quality coffee beans to its nationwide stores.

Furthermore, the launch of Luckin Coffee’s “Odyssey to the God Shot (Global Bean Search Journey)” and the completion of the first green coffee bean processing plant in Baoshan City, Yunnan province further enhanced the unique and stable quality of its coffee green bean supply system.

About Luckin Coffee

Luckin Coffee (OTC: LKNCY) has pioneered a technology-driven retail network to provide coffee and other products of high quality, high convenience, and high affordability to customers. Empowered by proprietary technologies, Luckin Coffee pursues its vision to build a world-class coffee brand and become a part of everyone’s daily life. Luckin Coffee was founded in 2017 and is based in China. For more information, please visit investor.lkcoffee.com.

Centurium Capital Releases 2023 ESG Report for the Third Consecutive Year

Centurium Capital (“Centurium”) released its 2023 Environmental, Social, and Governance (ESG) Report today, underscoring the firm’s continuous commitment to ESG disclosure. Since Centurium adopted its full ESG Policy in 2020, ESG has become an integral part of Centurium’s investment process, daily operations and development strategy.

The 2023 ESG Report provides a comprehensive overview of Centurium’s established ESG framework, as well as analyses of ESG best practices at its portfolio companies. Through presenting key ESG-related data from 2023 and portfolio case studies, the report showcases the ESG journey of Centurium in the past year. 

David Li, Chairman and CEO of Centurium Capital, pointed out in the report that ESG is the cornerstone to build a long-lasting firm and brand. In today’s challenging environment, Centurium’s unwavering dedication to its ESG strategy remains even more crucial to drive its investments and portfolio companies to create value for employees, investors and broader society.

Centurium became a signatory to the PRI in January 2022. Integrating globally-recognized ESG principles and regulatory requirements, Centurium’s ESG Committee guides and oversees the execution of ESG-related initiatives. ESG-related risks are included in pre-investment screening and due diligence processes, and the ESG findings form the foundation of the post-investment ESG management and monitoring of portfolio companies.

Diversity, Equity and Inclusion (DEI) performance at the portfolio companies is reflected in the 2023 ESG Report for the first time. While the gender balance among employees at Centurium and across portfolio companies is commendable, the report underscores the imperative for enhancing female representation within senior management and boards across portfolio companies. Four female senior executives were featured in the report, and their entrepreneurship and career achievements can inspire more women to succeed in the business world.

The report also covers Centurium’s philanthropic endeavors in 2023, including its advocacy for animal welfare, as well as desert control and afforestation initiatives to rejuvenate the Kubuqi Desert in Inner Mongolia. In addition, the report features sustainable development practices across seven portfolio companies, including Luckin Coffee, UIB Healthcare, Taibang Biologic, MitrAssist, Yigoli, NTX and Meican.

Michael Chen, a Managing Director at Centurium Capital, shares his perspectives and outlines the firm’s future plans to further fortify its ESG endeavors. In his view, ESG is not only critical for risk mitigation, but is a strategic avenue for value creation and the sustainable growth of any business.

Centurium Capital is a leading private equity firm in China focused on investing in the consumer, healthcare, business services and technology sectors. In each vertical, the firm has built an extensive and deep ecosystem, centered around its control and buy-out investments, providing it with unique leverage over business insights and operation synergies. As of December 31, 2023, Centurium has total assets under management (AUM) of over US$7 billion with a portfolio of over 30 companies.

Luckin Coffee’s Green Coffee Bean Processing Plant starts trial operation in Yunnan, aiming to make world-class coffee beans

Luckin Coffee recently announced the trial operation of its first green coffee bean processing plant in Baoshan City, Yunnan Province. This facility will help Luckin Coffee further optimize and improve its high-quality supply chain, strengthen its ability to control the quality of coffee beans throughout the entire production process in an effort to introduce high-quality products and experiences to its customers.

Luckin Coffee’s Green Coffee Bean Processing Plant is located in Mang’ai Village, Longyang District, Baoshan City. By introducing the imported micro-water fresh fruit processing production lines from Brazil and Colombia, this Plant has world-class technology in coffee fruit processing with an annual processing capacity of up to 5,000 tons. Meanwhile, this Plant employs cutting-edge environmental-friendly treatment techniques, including self-heating, multi-effect MVR evaporative concentration water treatment technology in the water-washing process for green coffee beans, to achieve zero industrial wastewater discharge; and air-source heat pumps in the drying process of coffee beans, to significantly reduce exhaust emissions thereby integrating sustainable production principles throughout various production stages.

Also, Luckin Coffee plans to establish a training center and an operational center in this Green Coffee Bean Processing Plant, providing training lessons related to coffee planting and processing-related knowledge for Luckin Coffee’s employees and local farmers. With the establishment of this plant, Luckin Coffee will enhance its technical capabilities and research and development abilities in upstream processes of supply chain, such as coffee planting and fresh fruit processing. Additionally, this plant enables the Company to create a higher standard coffee procurement system in Yunnan, while achieving a more standardized and refined green coffee bean processing procedure.

Going forward, Luckin Coffee will continue to optimize the construction of a high-quality coffee supply chain, and continue to provide consumers with coffee products of high quality, high affordability, and high convenience, in hope of boosting the development of China’s coffee market.

Taibang Biologic Group Secures Equity Raising of US$300 Million

Taibang Biologic Group (previously listed as China Biologic Products Holdings, Inc. on the Nasdaq under the trading symbol “CBPO”) (the “Group”) entered into definitive transaction documents for equity raising of US$300 million with a group of investors led by Platinum Orchid, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), and GIC. China Life and Cinda Kunpeng are participating in this financing round as co-investors.

This is Taibang Biologic Group’s first equity financing transaction since the completion of its privatization in April 2021 by a consortium led by Centurium Capital. The Group has received strong interests from top-tier international and domestic investors, which reflects the capital markets’ high recognition of the Group’s ability to deliver clinical benefits to patients and create value for shareholders.

This round of financing will further optimize the Group’s capital structure, which will help solidify its leading position in the domestic market and attract more stable and extensive resources to support the expansion of plasma stations and the research and development of new products, thereby allowing the Group to achieve more rapid and sustainable growth in the China market.

Founded in 2002, the Group is a leading Chinese biopharmaceutical company that provides a comprehensive range of plasma products, principally engaged in the research, development, manufacturing and sales of human plasma-based biopharmaceutical products, or plasma products, in China. The Group possesses plasma manufacturing sites with leading technology standards and world-class R&D capabilities and plasma product laboratories. The Group has a strong product portfolio covering 10 approved plasma products with over 20 different dosage forms across 3 main categories: human albumin, human immunoglobulin, and human coagulation factors. In addition, the Group also operates a non-plasma products business segment with a number of products such as placental polypeptides, artificial dura mater, artificial nerve sheath, and aponeurosis, as well as a full line of products in the field of neurosurgery under the German brand named Zeppelin. The Group’s products are sold in the vast majority of the provincial medical markets in mainland China. For more information on the Group, please visit: https://www.chinabiologic.com/

About ADIA
Established in 1976, the Abu Dhabi Investment Authority (ADIA) is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. For more information on ADIA, please visit: https://www.adia.ae.

About GIC
GIC is a leading global investment firm established in 1981 to secure Singapore’s financial future. As the manager of Singapore’s foreign reserves, GIC takes a long-term, disciplined approach to investing and is uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital and infrastructure. Its long-term approach, multi-asset capabilities and global connectivity enable it to be an investor of choice. GIC seeks to add meaningful value to its investments. Headquartered in Singapore, GIC has a global talent force of over 1,900 people in 11 key financial cities and has investments in over 40 countries. For more information on GIC, please visit: www.gic.com.sg.

About China Life
China Life Private Equity Investment (“China Life”) is a professional private equity investment platform under China Life. With the investment philosophy of prospect for the future, embrace innovation and create value, China Life Private Equity Investment has made extensive investment layout in the fields of life science, medical technology, medical services and digital healthcare, and has invested in a number of industry-leading medical and healthcare companies in China.

About Cinda Kunpeng
Founded in April 2019, Cinda Kunpeng (Shenzhen) Investment Management Co., Ltd. (“Cinda Kunpeng”) is an investment management firm focusing on mergers and acquisitions, as well as investment in strategic emerging industries in the Guangdong-Hong Kong-Macao Greater Bay Area, creating incremental value by empowering the enterprises in the industries. Cinda Kunpeng mainly participates in equity investments in area of mergers and acquisitions and reorganizations related to listed and pre-IPO companies, providing enterprises with necessary funds, and cooperating with the enterprises in mergers and acquisitions of high-quality assets in the industries. The Merger and Acquisition Fund managed by Cinda Kunpeng focuses on investing in the strategic emerging industries encouraged by the government, mainly including advanced manufacturing, healthcare, and new-generation information technology. Its mission is to promote the transformation and upgrade of real economy in the Guangdong-Hong Kong-Macao Greater Bay Area (including Shenzhen), so as to create incremental value for its investments. Cinda Kunpeng targets to achieve win-win results through specialization and cooperation, resource integration with industry partners, and create a healthy ecosystem to facilitate the development of real economy.

Centurium Capital Leads Investment in NTX™ in Latest US$200 Million C2 Round

Shanghai/Singapore, August 1, 2022 — NTX™, a global textile technology leader, announced today the completion of nearly US$200 million in a C2 round of financing led by Centurium Capital, with additional contributions from existing shareholder NRL Capital. The funds will be used to accelerate growth and fund operational needs to meet the rapidly rising demand of the expanding customer base.

The funding was secured after the company successfully became a preferred supplier to global international brands such as Adidas. The company also demonstrated continued expansion of its textile manufacturing ecosystem developed around the waterless coloration technology – NTX™ Cooltrans™, with over 100 patents secured.

Headquartered in Shanghai, NTX™ aims to revolutionize the textile industry by introducing NTX™ Cooltrans™, a breakthrough waterless dyeing & printing system that delivers up to 90% in water savings, alongside a dramatic reduction in energy usage and the near elimination of water waste. With NTX™ Cooltrans™ as a foundation, the company has established a Southeast Asia-based ecosystem of textile processing plants to become the next generation sustainable, eco-friendly supply chain partner for the world’s biggest fashion and apparel brands.

Kalvin Chung, Chairman and Co-founder of NTX™ commented, “We welcome the latest round of funding and we’re excited about the future of NTX™. Over the years, we’ve seen NTX™ Cooltrans™ mature into a solution that satisfies and exceeds the requirements of some of the most demanding global brands in the marketplace. Just as important has been the development of our business models that today give us a clear path to scale up NTX™ into a global supply chain solution provider.”

Gary Liu, Managing Director of Centurium Capital, commented, “Through its proprietary dyeing technology, NTX™ brought about revolutionary innovation to the global textile supply chain, effectively solving the long-standing pain points of traditional textile manufacturing of high water and energy consumption and pollution. In addition, NTX™ adds significant value to the industry

by helping improve production efficiency and service capabilities. With ESG as an integral part of our ‘invest to transform’ investment thesis, we look forward to a long-term partnership with NTX to make positive contributions to the sustainable development of the global textile supply chain. ”

Plants and mills of the NTX™ ecosystem, which are rapidly expanding their presence in China and select Southeast countries such as Vietnam, Indonesia, Thailand and Cambodia, are increasingly becoming renowned for their eco-friendly practices, sustainability, and superior employee working conditions. This is inline with the vision NTX™ since its inception and aligned with the requirements that are increasingly in demand by global brands operating in the European Union, the United States and Asia-Pacific regions.

The management team of NTX™ has a rich background in the textile industry complemented by experiences with some of the world’s largest multinationals, with a proven track record of innovation and business development.  

NTX™ continues to establish cooperation with a number of leading textile and garment enterprises, and provides services for dozens of leading international clothing brands. As the world of textile production evolves and new environmental requirements, resource and energy use constraints, and business practice demands are revealed, NTX™ has demonstrated its comprehensive leading edge to meet challenges ahead.

About NTX

NTX™ is committed to creating revolutionary textile solutions through continuous research and innovation that are ecologically and economically sustainable. The company is driven to achieve a zero-waste benchmark by conserving energy, and reducing and eliminating water use, while never compromising performance or functionality. Its automated and modularizable system solutions allow for local-to-local production, further shortening lead times and cutting down on transportation emissions. Cost is often the unmentionable C word for sustainability, NTX™ believes that sustainability and economics must go hand-in-hand to materialize clean eco-conscious solutions into reality. For more information, please visit www.ntx.global

About Centurium Capital

Centurium Capital is a leading private equity investment firm in China and primarily focuses on investing in China’s healthcare, technology, consumer and business services sectors. As a transformational capital provider with a focus on business model innovation and resolving structural deficiencies to unlock growth potential, Centurium pursues a hands-on and operations-centric investment approach to drive value creation and generate long term shareholder value. For more information, please visit www.centurium.com

Centurium Capital Advances Significantly in the Latest PEI 300 Ranking

June 8, 2022, Beijing – Centurium Capital was ranked 139th place in the latest 2022 PEI 300 ranking, advancing over 100 places compared with the previous year’s ranking, as released recently by Private Equity International. The ranking marks the total size of funds raised in the last five years as of March 31, 2022 and is regarded one of the most recognized global rankings in the industry.

Over 35 China-headquartered private equity firms secured rankings in the PEI 300 list, which is said to have examined thousands of PE and VC firms in the Americas, Europe and Asia. Centurium Capital raised over US$4.2 billion for its USD and RMB funds since 2018, ranking the 10th among all China firms in the 2022 PEI 300 list.

Centurium Capital is a leading private equity investment firm in China focused on investing in consumer, healthcare, business services, and technology sectors. The Firm was founded in 2017, with the vision of creating a best-in-class private equity firm in China, grounded on a combination of international private equity investing best practices and China market local expertise.

Centurium Capital has invested in more than 30 companies in China through its multiple RMB and USD funds, and built a balanced portfolio of proprietarily sourced control or joint-control investments and significant minority growth equity investments. With a hands-on, operation centric “Invest to Transform” model, Centurium provides bespoke solutions to companies and management faced with complex deal situations and dynamics to unlock growth potential and brings in or facilitates business transformations enabled by technology and business innovations.

ANE Releases 2021 ESG Report

June 6, 2022, Shanghai — ANE Inc. (9956.HK), a portfolio company of Centurium Capital and a leading less-than-truckload (LTL) logistics service provider in China, released its 2021 ESG Report on May 31, highlighting its ESG commitments and efforts in green operation, efficiency improvement, supply chain management and employment management in 2021.

Jeff Wang, Chairman of ANE, commented, “We are highly aware of the importance of Environment, Social and Governance (ESG) while developing our business. It is our corporate responsibility as an industry leader to integrate ESG into the Company’s daily operations and management philosophy.”

Michael Chen, Managing Director of Centurium Capital and a non-executive director of ANE, serves as the chairman of ANE’s ESG Committee. The committee was set up under the Board of Directors since the company’s IPO, forming a three-layer ESG governance structure which comprises the Board of Directors, the ESG committee, and the ESG work group. The concept of sustainable development is implemented in an all-round, multi-angle manner, launching a new chapter in ANE’s ESG governance.

As a leader in the less-than truckload (LTL) express freight industry, ANE operates one of the largest self-operated truck fleet in China’s LTL industry with over 4,000 high-capacity trucks and 4,600 trailers. The company has been committing significant resources to effectively reduce the impact of road transportation on the environment.

In 2021, ANE has identified climate change risks and continued to promote low-carbon development through green transportation and green office initiatives. Moreover, ANE has formulated energy efficiency and greenhouse gas emission targets, with a plan to increase the use of renewable energy, and energy efficiency of its transportation vehicles to achieve such targets and promote green development.

The ESG Report revealed that ANE has reduced the consumption of petrol by 19,288 tons through various fuel-efficiency measures and reduced green-house gas emission of the equivalent of 60,647 tons of carbon dioxide.

ANE has also proactively explored the use of renewable energy. Its Logistics Industrial Park in Changshan, Quzhou took the lead in installing 6,000 square meters of rooftop distributed photovoltaics to provide renewable energy power for itself and the park tenants, promoting low-carbon development in the community. In 2021, the power generation capacity of the industrial park’s rooftop photovoltaic project reached 32,000 kWh, effectively achieving energy savings and emissions reduction.

An excellent IT system is the cornerstone to support ANE’s outstanding performance in operational efficiency and end-customer experience. Based on big data, cloud computing and other technological advances, ANE independently developed 56 sets of digital systems for application in all aspects of its operations, promoting the integration of technological innovation and actual operations, implementing digital operations and intelligent decision-making along the entire chain, and effectively reducing operational costs.

ANE has a large logistics management network and relies on an innovative freight partner platform model to attract regional freight operators to join its ecosystem as franchisees and agents. ANE currently has 29,100 freight partners and agents and serves approximately 3.9 million shippers.

Through the continuous optimization of network entry standards and requirements, tracking and evaluation, and value-added empowerment initiatives, ANE works with its franchisees to build a highly efficient, high-quality, and digitalized logistics network.

ANE also share the economic results with its partners, using its accumulated data and industry insights to provide its freight partners and agents with a variety of value-added services (financial and digital tools) to help them develop competitive freight services for large customers. The company also provides operational guidance to help freight partners cope with the increasing complexity of business expansion. Through these resource-sharing initiatives, ANE’s freight partners and agents can leverage ANE’s network coverage, brand recognition and operational support to better serve shippers in the long term.

ANE understands that high-quality corporate governance and a management structure with clear lines of authority are the cornerstones of sound corporate development. Therefore, ANE constantly improves its governance structure, strengthens its hierarchical management structure and enhances the transparency of the Group.  

ANE fulfills its social responsibility by implementing the safety production policy “safety first, prevention first, comprehensive management”, ANE takes on the main responsibility for safety management, strengthening the grading and control of safety risks and the management of hidden dangers in the production area, and guaranteeing the safety of its employees’ life and property.

ANE’s safety training covers all aspects of possible safety hazards in its operations, such as operational norms, fire safety, emergency rescue, and safe driving, covering all of ANE’s front-line operators and drivers. In 2021, ANE conducted 69 safety trainings for new employees and over 1,900 trainings for sorting centers, and more than 30,000 people participated the trainings.

ANE has set up targeted training programs for employees at different levels and with different responsibilities and increased the flexibility of training through a combination of online and offline training formats. In 2021, ANE invested more than RMB11 million in employee training covering all employees and reached 34,476 person/times, with 6.5 employee average training hours.

ANE pays attention to the cultivation of employee talent. The company has a competitive performance-based compensation system and encourages employees to showcase their self-worth through a comprehensive promotion system, tailoring career development paths for employees in different positions and ranks. ANE is committed to creating a diverse workplace, focus on the value of our female employees, and provide equal employment opportunities.

In 2021, ANE continued to invest in taking corporate social responsibilities by giving back to the society. ANE was actively involved in a number of public welfare projects, such as helping farmers to alleviate poverty, fighting the pandemic and natural disasters, making donations, and investing a lot of money and manpower to take up social responsibility and establish a good corporate image.

Centurium Capital Releases Carbon Neutral Strategy and Roadmap

April 22, 2022, Beijing – Centurium Capital (“Centurium), a leading private equity investment firm in China, today announced its carbon neutral goals and roadmap, underscoring the firm’s commitment to achieve carbon net zero at the firm level by 2025 and at the portfolio level by 2050. In addition, the firm also committed to reducing its employee’s per capita carbon emission by 25% by 2030.

Climate change is a common challenge faced by mankind today and its impact has become more visible in the past century. According to The Special Report on Global Warming of 1.5ºC by IPCC (Intergovernmental Panel on Climate Change), limiting global warming to 1.5ºC would require rapid, far-reaching, and unprecedented changes in all aspects of society. In response, the Chinese government has committed to reach carbon peak by 2030 and achieve net zero by 2060.

Centurium’s carbon neutral goals are a testament to its support for sustainable growth. In the past few months, Centurium has worked with a carbon neutral specialist consulting firm to complete its carbon emission assessment for 2021. The firm will continue to track its carbon footprint annually.

At the portfolio company level, the firm will strengthen its training efforts to support its portfolio companies in areas of carbon management. Meanwhile, Centurium plans to systematically assess its portfolio companies’ positive and negative contributions for sustainable economic growth and encourage them to disclose carbon management performance regularly.

With the implementation of more robust carbon management efforts in the coming years, Centurium plans to include carbon net zero as part of its corporate development strategy. Meanwhile, climate change risk assessment will be included in the firm’s investment strategy and risk management framework.

By 2050, Centurium commits to reach carbon net zero at its portfolio level. The firm will also include carbon management in its selection criteria of suppliers and enhance its green purchase program.

About Centurium Capital

Centurium is a leading private equity investment firm in China focused on investing in consumer, healthcare, and business services sectors. With a hands-on, operation centric “Invest to Transform” model, Centurium provides bespoke solutions to companies to unlock growth potential and promotes business transformation through technology and business innovation.

Centurium Capital Becomes Signatory of United Nations-supported Principles For Responsible Investment

Beijing, February 11, 2022 – Centurium Capital, a leading private equity investment firm in China, today announced that it has become a signatory of the United Nations-supported Principles for Responsible Investment (PRI), demonstrating the firm’s continuous commitment to environmental, social and governance (ESG) issues and initiatives.

Launched in 2006 by the former UN Secretary-General, Kofi Annan, the PRI has become the world’s leading proponent of responsible investment. It works to support an international network of investor signatories in understanding the implications of ESG factors and integrating these factors into their investment practices and ownership policies.

Luo Nan, head of the PRI China, extended a warm welcome to Centurium Capital. “In signing up to PRI, Centurium Capital shows commitment to practicing responsible investment. It is an important step in its continued ESG practice. The development of responsible investment is now growing rapidly and we look forward to more investors joining the journey,” she said.

David Li, Chairman and CEO of Centurium Capital, commented, “We are excited to join the leading international network to help promote the awareness and adoption of ESG best practices in China. ESG forms an integral part of our value-creation and ‘invest to transform’ investment approach, and we look forward to the partnership with the PRI to further enhance our ESG practices and bring positive impacts to our portfolio companies.”

Centurium Capital was founded in 2017 with the investment thesis of “invest to transform”. It has grown to be a leading private equity investment firm in China and manages both RMB and US dollar funds. Centurium Capital primarily focuses on China’s consumer, business services and healthcare sectors.

In addition to integrating ESG factors into the whole investment process, Centurium Capital has established its ESG committee consisting of IC members and directors from various departments of the firm. The committee’s goal is to drive a holistic ESG strategy and governance framework and oversee ESG initiatives undertaken at Centurium and companies within its portfolio.

Centurium Capital offers ESG supports to its portfolio companies, such as providing ESG training and ESG management support, sharing of knowledge and best practices, and encouraging appropriate disclosure of ESG issues.

Consortium Led by Centurium Capital Acquires Stake in Luckin Coffee Through Secondary Purchase

January 27, 2022, Beijing – Centurium Capital, a leading private equity investment firm in China, announced today that it has led a consortium to complete a transaction to purchase an aggregate of 383,425,748 Class A ordinary shares of Luckin Coffee (the “Company”) from certain sellers (the “Secondary Sale”). Other consortium members include IDG Capital and Ares SSG Capital Management.

The sellers are affiliates of and were formerly controlled by certain former management members of the Company and their families, and were ordered to be wound up and are currently in liquidation pursuant to an order of the Grand Court of the Cayman Islands and pursuant to orders of the Eastern Caribbean Supreme Court in the High Court of Justice of the British Virgin Islands (the “BVI Court”). The joint liquidators appointed in respect of the sellers have exercised their statutory powers to enter into definitive documents to give effect to the Secondary Sale. On January 17, 2022, the BVI Court sanctioned transactions that form part of the Secondary Sale, as required by the securities purchase agreement that gave effect to the Secondary Sale.

The Board of Directors and joint provisional liquidators of Luckin Coffee have determined the Secondary Sale to be in the long-term best interest of the Company, and accordingly approved the transaction.

Upon the closing of the Secondary Sale and after taking account of its previous investments, Centurium Capital has become the controlling shareholder of Luckin Coffee, holding more than 50% of the voting interest of the Company.

Statement from Centurium Capital:

We are committed to supporting our portfolio companies to build sustainable business models, robust and transparent corporate governance and responsible management systems, and we will continue to support Luckin’s long-term growth and development.

Centurium Capital is a leading private equity investment firm in China, with primary focuses on China’s consumer, business services and healthcare sectors.