Luckin Coffee keeps board continuity as Feng Liu steps down
Feng Liu stepped aside from Luckin’s board, but the rest stayed in place as the chain pushed past 31,000 stores and kept its turnaround on track.
Luckin Coffee kept the rest of its board in place as Feng Liu stepped down, a small governance move that still says a lot about where China’s fastest-watched coffee chain is headed next. Liu chose not to stand for re-appointment when his term expired in May 2026, but he will continue as an external strategic advisor, leaving Luckin with continuity at the top while one seat changes hands.
The company said the terms of Jinyi Guo, Wenbao Cao, Weihao, Michael, Chen, Jun Liu, Feng Liu, Qianli Liu and Sean Shao all expired in May 2026. The remaining directors were re-appointed for successive two-year terms, and Luckin said the board still had a majority of independent directors. In other words, this was not a boardroom reset. It was a measured handoff at a moment when the company is still trying to balance speed, scale and public-company discipline.
That balance matters because Luckin is still expanding aggressively. In its 2025 full-year results, the company said it ended the year with 31,048 stores after 8,708 net new openings, and total net revenues reached RMB49.29 billion, up 43% year over year. In the fourth quarter alone, Luckin added 1,792 net new stores in China, including Hong Kong, along with 13 in Singapore, 25 in Malaysia and 4 in the United States. For a chain growing that fast, even a routine board change can be read as a signal about how the next phase will be managed.
The leadership picture also stayed familiar. Hui Li, chairman of Luckin’s board and CEO of Centurium Capital, remains in place, while co-founder Jinyi Guo has served as a director since June 2018 and as chief executive officer since July 2020. Luckin filed its 2025 annual report on Form 20-F on March 27, 2026, keeping the company under the same kind of market scrutiny that has followed it through its turnaround. Against that backdrop, the decision to keep the board largely intact suggests Luckin is still prioritizing continuity as it expands its store base and sharpens its position in China’s coffee market.
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