外刊学习：18个月亏损21个亿，瑞幸咖啡为何赴美上市？

今日导读

提到瑞幸咖啡，恐怕你的脑海中会立刻浮现“小蓝杯”、“汤唯海报”、“首杯免费”等关键词。它凭借着疯狂开店和营销的方式，跻身国内咖啡行业的巨头。就在最近，瑞幸咖啡向美国证券交易委员会提交了首次公开募股的申请，它能否上市成功？与星巴克同场竞技表现如何？对于这件事，国外媒体会怎样看待呢？一起来看路透社的报道吧。

新闻原文

Starbucks’ China challenger Luckin to raise up to $800 million in U.S. IPO: sources

Reuters

Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, filed on Monday for a U.S. initial public offering (IPO) through which, sources said, it is looking to raise up to $800 million.

The Beijing-based coffee chain set a placeholder amount of $100 million to indicate the size of the IPO and did not disclose the number of shares it would offer, a filing with the U.S. Securities and Exchange Commission showed.

Luckin has waged its cash-burning caffeine war with generous subsidies, speedy delivery and viral promotions on social media, which in turn has also pushed Starbucks to form a tie-up with local tech giant Alibaba to deliver coffee to customers.

According to the prospectus, its acquisition cost per new customer decreased to 16.9 yuan ($2.52) in the first quarter of 2019 from 103.5 yuan in the year-ago quarter, helped by the growth of its network and improved brand recognition.

“The big question for the brand long term is if, when it rolls back discounts, enough customers stick around, ” said Ben Cavender, Shanghai-based principal at China Market Research Group, “But the company has completely rewritten the rules for the coffee business in China and has impacted Starbucks as well as a host of smaller players.”

带着问题听讲解

如何理解 IPO 这个词？

形容词 viral 在新闻中是什么含义？

瑞幸咖啡目前面临着什么样的困境？

新闻正文

Starbucks’ China challenger Luckin to raise up to $800 million in U.S. IPO: sources

消息称，星巴克的中国挑战者瑞幸将通过在美国首次公开募股，募集多达 8 亿美元的资金

Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, filedon Monday for a U.S. initial public offering (IPO) through which, sources said, it is looking to raise up to $800 million.

星巴克股份有限公司的中国挑战者——瑞幸咖啡有限公司，在周一提交了一份在美国首次公开募股的申请。有消息称，瑞幸计划通过这个申请募集多达 8 亿美元的资金。

The Beijing-based coffee chain set a placeholder amount of $100 million to indicate the size of the IPO and did not disclose the number of shares it would offer, a filing with the U.S. Securities and Exchange Commission showed.

一份美国证券交易委员会的档案文件显示，这个总部在北京的咖啡连锁公司设置了 1 亿美元的留位费，表明首次公开募股的规模。但该公司没有透露将发行的股票数量。

Luckin has waged its cash-burning caffeine war with generous subsidies, speedy delivery and viralpromotions on social media, which in turn has also pushed Starbucks to form a tie-up with local tech giant Alibaba to deliver coffee to customers.

瑞幸咖啡通过慷慨的补贴、快速的配送服务和社交媒体上铺天盖地的促销活动，发动了烧钱的“咖啡因大战”，也转而推动了星巴克与中国本土科技巨头阿里巴巴结成联盟，为消费者配送咖啡。

According to the prospectus, its acquisition cost per new customer decreased to 16.9 yuan ($2.52) in the first quarter of 2019 from 103.5 yuan in the year-ago quarter, helped by the growth of its network and improved brand recognition.

瑞幸咖啡的招股说明书显示，得益于其销售网络的发展和品牌认知度的提高，2019 年第一季度，该公司获得每名新客户的成本从去年同期的 103.5 元降至 16.9 元（2.52 美元）。

“The big question for the brand long term is if, when it rolls backdiscounts, enough customers stick around,” said Ben Cavender, Shanghai-based principal at China Market Research Group, “But the company has completely rewritten the rules for the coffee business in China and has impacted Starbucks as well as a host ofsmaller players.”

中国市场研究集团上海负责人本·卡文德表示：“从长期来看，这个品牌面临的一个大问题是，当它逐渐降低折扣力度时，是否有足够多的客户会留下来。但该公司已经彻底改写了中国咖啡行业的规则，影响了星巴克及许多规模较小的企业。”

重点词汇

file
/faɪl/
v. 提出申请
词性拓展：file (n. 文件，档案)
英文释义：to present sth. so that it can be officially recorded and dealt with
搭配短语：file for sth.
搭配短语：file for divorce

be looking to do sth.
试图找到做某事的方法
英文释义：to try to find ways of doing sth.

placeholder
/ˈpleɪshoʊldər/
n. 占位符
相关词汇：place（n. 位置）
相关词汇：hold（v. 把某物保持在某个位置）

disclose
/dɪsˈkloʊz/
v. 透露，揭露
同义词：reveal
例句：The spokesman refused to disclosedetails of the takeover to the press.

filing
/ˈfaɪlɪŋ/
n. 存档档案，存档记录
词性拓展：file (v. 归档)
搭配短语：a bankruptcy filing

securities
/sɪˈkjʊrətis/
n. 证券

commission
/kəˈmɪʃn/
n.（政府管控或调查某事的）委员会
搭配短语：a commission on environmental pollution

wage
/weɪdʒ/
v. 发动（战争）；组织（活动）
搭配短语：wage a war/a campaign
词性拓展：wage（n. 工资，报酬）

caffeine
/ˈkæfiːn/
n. 咖啡因，咖啡碱

subsidy
/ˈsʌbsədi/
n. 津贴，补贴
例句：The government is planning to increase housing subsidies for the poor.

viral
/ˈvaɪrəl/
adj. 病毒的；病毒般传播的
词性拓展：virus（n. 病毒）
例句：Within days the film clip went viral.

tie-up
/ˈtaɪ ʌp/
n. 联合，合作
相关词汇：tie up（捆绑，扎紧）
tie up 搭配短语：tie up the garbage bag

prospectus
/prəˈspektəs/
n.（学校的）招生简章；（企业的）招股说明书

acquisition
/ˌækwɪˈzɪʃn/
n. 获得
词性拓展：acquire（v. 获得；买到）

roll back sth.
（逐渐）减少，削减某物
搭配短语：roll back prices/taxes

stick around
停留，逗留
例句：I’ll stick around here a bit longer.

principal
/ˈprɪnsəpl/
n. 企业或者机构的负责人

a host of
许多，一大群
搭配短语：a host of children/issues

补充词汇知识

raise
v. 筹集，筹钱

up to…
多达…，最多达到（某个数量或者程度）

initial
adj.首次的

challenger to sth./for sth.
…的挑战者

file for sth.
就…提出申请，
搭配短语：file for divorce

Beijing-based
总部在北京的

chain
n. 连锁商店

cash-burning
adj.烧钱的
相关词汇：cash（n. 现金)
相关词汇：burn（v. 燃烧）

speedy
adj. 快速的、敏捷的

per
prep. 每，每一

in the year-ago quarter
于去年同季度

rewrite
v. 重写；改写

长难句解析

Luckin has waged its cash-burning caffeine war with generous subsidies, speedy delivery and viral promotions on social media, which in turn has also pushed Starbucks to form a tie-up with local tech giant Alibaba to deliver coffee to customers.

瑞幸咖啡通过慷慨的补贴、快速的配送服务和社交媒体上铺天盖地的促销活动，发动了烧钱的“咖啡因大战”，也转而推动了星巴克与中国本土科技巨头阿里巴巴结成联盟，为消费者配送咖啡。

主句为 Luckin has waged its cash-burning caffeine war with generous subsidies, speedy delivery and viral promotions on social media，其中 Luckin has waged its cash-burning caffeine war 是主干，with generous subsidies, speedy delivery and viral promotions on social media 是状语成分。which in turn has also pushed Starbucks to form a tie-up with local tech giant Alibaba to deliver coffee to customers 是定语从句，which 指代主句的内容。

一句话总结新闻

本期《路透社》的新闻报道了中国品牌瑞幸咖啡赴美国申请 IPO 的事宜，并分析了瑞幸咖啡对中国咖啡行业的重大影响——颠覆了行业传统，并迫使中国星巴克进行业务革新。

拓展阅读

我们该如何评价“瑞幸模式”？

有分析人士指出，瑞幸的急速扩张建立在持续的亏损之上。瑞幸的招股书显示，2017 年，瑞幸经营亏损逾 5600 万元；2018 年，全年亏损约 16 亿元；今年第一季度，瑞幸咖啡继续亏损状态，亏损金额达 5.3 亿元。这么算来，瑞幸这家 2017 年 10 月才创立的公司至今亏损的金额已超过 21 亿元，平均每天亏损近 400 万元。这种烧钱补贴的生长模式惹来了不小的争议。

不过，有数据显示，我国每人的年均咖啡消费杯数还是个位数，这与发达国家动辄 200 杯至 400 杯的平均水平有一定差距。这样的落差预示着咖啡消费市场的潜力。我国的“90后”、“00后”中的很多人从小就接触咖啡文化，形成了一定的消费习惯；同时，瑞幸抓住了互联网时代的市场特性，用“烧钱”的办法大量发放补贴、养成用户习惯，这么做有利于快速积累用户、抢夺市场。从这些角度上说，“瑞幸模式”是有可行性的。