BlackRock invested $150m in Luckin Coffee, a chain of coffee shops in China. The up-and-coming coffee chain with ambitions to challenge Starbucks in China is backed by investors including Singapore sovereign wealth fund GIC and China International Capital Corp. Luckin Coffee's growth plan has been built on cheap delivery, online ordering and big discounts. The company has said it wants to open 2.5k cafes this year to displace Starbucks as China’s largest coffee chain.