Startup raises $200m

LUCKIN Coffee, which has been expanding aggressively and touting itself as a local rival to Starbucks Corp., said yesterday it raised US$200 million in a fundraising round that values the on-demand coffee delivery startup at US$1 billion.

Investors in the fundraising round included Singapore sovereign wealth fund GIC, Luckin said in a statement. “The funds we raise will be used for product research, technology innovation and business development,” Luckin CEO Qian Zhiya said.

Soy imports

CHINA can increase soybean imports from other countries to reduce reliance on buying from the United States, the president of State grains trader COFCO said in an interview yesterday.

Yu Xubo said that China can increase soybean imports from South American countries amid an escalating trade dispute with the United States. Yu said China can also buy more rapeseed, sunflower seeds, and bring in more soybean meal, rapeseed meal, sunflower meal and fishmeal to fill any supply gaps. Increasing meat imports is also an option, he said.

Naming restrictions

ENTERPRISES will be banned from using words like “China,” “Chinese” or “State” in their names, the People’s Daily said Tuesday, citing draft proposals from market regulators.

The new draft rules issued by the State Administration for Market Regulation would ban non-State firms from describing themselves as “Central,” “Nationwide,” “State” or “International.” Companies will also be banned from using words for foreign countries, regions, companies or organizations, or deploying any name designed to deceive or mislead the public.

Didi electric cars

DIDI Chuxing signed an agreement with German automotive supplier Continental AG on Tuesday to cooperate in developing Internet-connected, electric cars tailor-made for Didi’s ride hailing services.

Didi currently uses regular passenger cars for its service, but has said it needs more dedicated “purpose-built” vehicles. These are set to be electric cars that industry experts say may start replacing staples such as the Buick GL8 minivan or the Toyota Camry in congested cities such as Beijing and Shanghai as people increasingly use ride-hailing and shared-car services.