Luckin Coffee has appointed Philip Yifei Bao, a private equity executive at Mubadala Investment Company, to its board of directors as the Chinese coffee chain continues to pursue its long-term growth strategy.

Bao joined the board effective 29 September 2026, according to an announcement from Luckin Coffee. His appointment brings the board to 10 directors, including three independent directors.

Bao is director of Private Equity China within Mubadala’s private equity platform, where he leads the sovereign investment company’s private equity investments in China. He is based in Beijing.

Before joining Mubadala, Bao worked in private equity and investment banking in London between 2011 and 2017. He holds bachelor’s and master’s degrees in electrical and electronic engineering from Gonville and Caius College at the University of Cambridge.

Hui Li, chairman of Luckin Coffee, said: “We are pleased to welcome Mr Bao to our Board. His extensive experience investing in consumer businesses, deep knowledge of the China market and broad global perspective will bring valuable insights to the Board.”

Li added that the company looked forward to working with Bao as Luckin continued to execute its long-term growth strategy.

The appointment adds an investment professional with experience across consumer businesses and China-focused private equity to Luckin’s board. Mubadala, the Abu Dhabi-based sovereign investment company, has a broad investment portfolio spanning multiple sectors and geographies.

Luckin, founded in 2017, operates a technology-driven retail model focused on coffee and other beverages and food products. The company has positioned convenience, affordability and digital technology as central elements of its operating model as it builds its presence in China’s coffee market.