Ya Jiang

Ya Jiang from Citic Securities inquired about Luckin Coffee's plans for overseas expansion and requested an update on the company's global capital market strategy, particularly concerning a potential U.S. listing.

Answer

Chairman and CEO Dr. Guo Jinyi stated that Luckin's primary focus remains on the domestic Chinese market due to its significant growth potential. He described international expansion as being in an early, exploratory phase, with the Singapore operations providing valuable experience despite initial losses. Regarding capital markets, Dr. Guo confirmed there is no definitive timetable for a U.S. listing, as the company is prioritizing business execution and long-term value creation.

Jiang from Citic Securities inquired about the impact of strategic partnerships on Cango's used car market position and the primary challenges in expanding cross-border used vehicle transactions.

Answer

Executive Jiayuan Lin explained that partnerships have expanded vehicle supply and market coverage, boosting transaction volumes and improving profit margins through economies of scale. For cross-border trade, Lin identified high logistics costs, complex international tariffs, and lengthy transaction cycles as the main challenges the company is actively working to mitigate through third-party partnerships and diligent policy monitoring.