• Mubadala and Centurium Capital announced a roughly $1 billion transaction in Luckin Coffee on September 10, 2026.
• A Schedule 13D/A that Centurium Holdings Ltd. filed with the SEC on September 9, 2026 shows the deal routes through Success Cup Limited, a new Centurium-Mubadala vehicle that bought preferred shares from two existing Centurium funds — CCM Lucky, L.P. and Centurium Capital Partners 2018, L.P. — in a transaction dated September 5, not new primary capital for Luckin.
• Mubadala- and Centurium-linked entities jointly report 22.1% beneficial ownership of Luckin on an as-converted basis, equal to 570,974,031 shares across Class A, Class B and preferred holdings.
• The same filing grants Mubadala affiliate MIC Industrial Investments 4 RSC Ltd the right to nominate one Luckin board member, so long as it holds at least 5% ownership on an as-converted basis.
• Luckin still trades over-the-counter as LKNCY after its June 2020 Nasdaq delisting over a fabricated $310 million revenue scheme; a U.S. relisting is in preparation with no confirmed timeline. Not investment advice — the transaction carries no Tadawul, DFM or ADX exposure.

Mubadala Investment Company agreed alongside Centurium Capital to a roughly $1 billion transaction in Luckin Coffee Inc., announced September 10, 2026, but a Schedule 13D/A filed with the SEC one day earlier, on September 9, shows the deal is a stake transfer, not new financing: Success Cup Limited, a Centurium-Mubadala vehicle, bought preferred shares on September 5 from two existing Centurium Capital funds. Not investment advice.

The deal: $1 billion, but not new money for Luckin

Mubadala Investment Company agreed alongside Centurium Capital, Luckin Coffee's controlling shareholder, to a transaction valued at approximately $1 billion, with Economy Middle East and Khaleej Times reporting the companies' announcement on September 10, 2026. A Schedule 13D/A — the eighth amendment to a Schedule 13D originally filed in December 2021 — that Centurium Holdings Ltd. filed with the U.S. Securities and Exchange Commission on September 9, 2026 shows the actual mechanism: on September 5, Success Cup Limited, a subsidiary of CCM Success, L.P. formed with Mubadala as a limited partner, bought preferred shares that two existing Centurium funds — CCM Lucky, L.P. and Centurium Capital Partners 2018, L.P. — already held in Luckin, not a fresh primary issuance by the company itself.

What the ownership math shows

The SEC filing puts combined Mubadala- and Centurium-linked beneficial ownership at 22.1% of Luckin on an as-converted basis — 570,974,031 shares, made up of 139,417,416 Class A ordinary shares plus shares issuable on conversion of 136,172,000 Class B ordinary shares and 295,384,615 preferred shares. The filing does not disclose Mubadala's standalone share count or the price paid, so the split between Mubadala's and Centurium's individual stakes inside that 22.1% is not public. Separately, the filing grants MIC Industrial Investments 4 RSC Ltd, a Mubadala affiliate, the right to nominate one Luckin board member, contingent on the entity holding at least 5% ownership on an as-converted basis.

Why Mubadala is here: China's consumer recovery, not a listed-market flow

"We continue to see compelling long-term opportunities in China's consumer sector," Mohamed Albadr, Mubadala's head of Asia private equity, said in comments carried by Khaleej Times, adding that Luckin has built "a differentiated, technology-enabled business with data embedded across customer engagement, product development and store operations." Centurium Capital partner Michael Chen said, per the same report, that Mubadala's sector expertise and global network would support Luckin's continued growth.

Luckin's scale, and the scandal it's still climbing out of

Luckin operated more than 36,000 stores and had served roughly 500 million cumulative transacting customers as of June 30, 2026, DealStreetAsia reported, citing company data; fourth-quarter 2025 revenue rose 32.9% year-on-year to 12.8 billion yuan, though non-GAAP operating profit fell to 963.8 million yuan from 1.1 billion yuan a year earlier. The stock has traded over-the-counter as LKNCY since Nasdaq delisted it on June 29, 2020, after Luckin admitted to fabricating roughly $310 million of 2019 revenue.

What to watch

Luckin CEO Jinyi Guo has said the company is preparing to relist on a major U.S. exchange, though Luckin has said there is "no definitive timeline." A relisting, or any disclosure of Mubadala's individual stake or entry price beyond the joint 22.1% figure, would be the next hard data point on what this transaction is actually worth to Mubadala's book. None of it moves a single Gulf index — this is not investment advice, and neither Mubadala nor Luckin trades on the Tadawul, DFM or ADX.