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Private Equity
centurium.com

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Investments

28

Portfolio Exits

4

Funds

3

About Centurium Capital

Centurium Capital is a private equity firm specializing in investments in the healthcare and consumer sectors in China.

Centurium Capital Headquarters Location

Beijing, Beijing,

China

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Latest Centurium Capital News

China’s Luckin Plans Store Expansion, Remains Committed to USA Market

Aug 10, 2022

Two years after it was forced to withdraw from the Nasdaq for an accounting fraud, China’s Luckin Coffee believes it has emerged from its “darkest moment”, and said it remains committed to U.S. capital markets as it expands its stores and sales. Luckin admitted in 2020 that about $310 million of its sales were fabricated in the previous three quarters, bringing the coffee maker to the brink of collapse after having blazed a trail as a homegrown challenger to U.S. coffee giant Starbucks. “That was Luckin’s darkest moment. The company was facing a huge crisis at the time”, David Li, chairman and chief executive of Chinese private equity firm Centurium Capital, told Reuters, referring to the accounting fraud. Luckin delisted from Nasdaq following the financial scandal, shocking Wall Street investors. After changes in ownership and top management, as well as paying hundreds of millions of dollars in fines, the company once again is flexing its muscles. A turnaround for Luckin would help vindicate the company’s top management and new owners, who have continued to push the chain to expand in China’s highly competitive coffee market. Luckin in May reported its first ever quarterly operating profit. On Monday, it reported a 72% jump in net revenue for the June quarter. In comparison, Starbucks said last week its third quarter comparable sales in China fell 44%. Centurium, a key early investor of the coffee chain, in January became the firm’s controlling shareholder after leading a consortium to acquire shares that used to be owned by two of Luckin’s founders for more than $400 million. Centurium dispatched seven of its professionals to work with Luckin’s management team for months in the aftermath of the fraud and in the following year poured $240 million into the business to finance its restructuring. It has also pushed Luckin to rebuild a more transparent and connected database to ensure there are no “data silos”, which Li blamed for the accounting scandal. Luckin plans to continue to open new stores, said Luckin’s chief executive Guo Jinyi, even as China’s stringent COVID-19 curbs have forced many catering chains to be more cautious about expansion in the near-term. He said Luckin would add more outlets across the country, including in the top-tier cities such as Beijing and Shanghai. Luckin, which was founded five years ago, currently has nearly 7,200 shops in China, compared with Starbucks’ 5,761 by early July. “We believe the potential of China market remains huge,” Guo said, adding that though Luckin has reached 230 Chinese cities, more than 5,000 of the stores are located in the 50 to 60 major cities. Ever after the Nasdaq delisting, Luckin remains tradable via pink sheet, off-exchange trading platform mainly involving penny-stock companies that do not meet the main exchanges’ listing standards. On Monday Reinout Hendrik Schakel, who relinquished his chief financial officer role but remains as chief strategy officer, told analysts the company remained committed to the U.S. markets. “We don’t have a specific timetable yet,” Guo said of a possible Nasdaq return. “But we will continue to pay attention to and focus on the U.S. capital market … So far, we haven’t considered (re-listing) in other markets.” Though Luckin is ahead of Starbucks in store numbers in China, the U.S. coffee chain is still the dominant player with 28.9% of the market in 2021, dropping slightly from previous year’s 31.2%, according to Euromonitor. Market share of Luckin rose to 7.8% last year from 6.3% in 2020. Asked how Luckin plans to restore investors’ confidence, Guo said: “We can only rely on Luckin’s business performance, rely on issuing (strong) quarterly, annual reports to restore their confidence. It takes time.” Post Views:8

Centurium Capital Investments

28 Investments

Centurium Capital has made 28 investments. Their latest investment was in Cooltrans Technology as part of their Series C - II on August 8, 2022.

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Centurium Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

8/1/2022

Series C - II

Cooltrans Technology

$200M

Yes

1

4/13/2022

Series A

Dayu Denyujiu

$15.7M

Yes

4

1/28/2022

PIPE - II

Luckin Coffee

No

1

11/10/2021

Series E

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$99M

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10

10/22/2021

Private Equity

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10

Date

8/1/2022

4/13/2022

1/28/2022

11/10/2021

10/22/2021

Round

Series C - II

Series A

PIPE - II

Series E

Private Equity

Company

Cooltrans Technology

Dayu Denyujiu

Luckin Coffee

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Amount

$200M

$15.7M

$99M

New?

Yes

Yes

No

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Co-Investors

Sources

1

4

1

10

10

Centurium Capital Portfolio Exits

4 Portfolio Exits

Centurium Capital has 4 portfolio exits. Their latest portfolio exit was Airui Qiji on April 27, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

4/27/2022

Corporate Majority

$99M

1

11/11/2021

IPO

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$99M

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10

10/14/2021

IPO - II

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$99M

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10

5/17/2019

IPO

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$99M

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10

Date

4/27/2022

11/11/2021

10/14/2021

5/17/2019

Exit

Corporate Majority

IPO

IPO - II

IPO

Companies

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Valuation

$99M

$99M

$99M

$99M

Acquirer

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Sources

1

10

10

10

Centurium Capital Fund History

3 Fund Histories

Centurium Capital has 3 funds, including Centurium Capital Partners 2018.

Closing Date

Fund

Fund Type

Status

Amount

Sources

7/3/2019

Centurium Capital Partners 2018

Diversified Private Equity

Closed

$2,000M

4

CCM CB I

10

Centurium Capital Partners Fund II

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10

Closing Date

7/3/2019

Fund

Centurium Capital Partners 2018

CCM CB I

Centurium Capital Partners Fund II

Fund Type

Diversified Private Equity

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Status

Closed

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Amount

$2,000M

Sources

4

10

10

Centurium Capital Team

4 Team Members

Centurium Capital has 4 team members, including current Founding Partner, David Li.

Name

Work History

Title

Status

David Li

Founding Partner

Current

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Name

David Li

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Work History

Title

Founding Partner

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Status

Current

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