Starbucks China rival Luckin's rapid expansion powers upbeat forecast
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(Reuters) - Starbucks China rival Luckin Coffee Inc forecast fourth-quarter revenue above estimates and posted a smaller-than-expected loss on Wednesday, as the company benefited from rapid store openings and lower expenses.The company's shares, which have gained about 12% from the May initial public offering price, rose nearly 8% in premarket trading before paring some gains. Since its launch in 2017, Luckin has not shied away from spending heavily to open stores as part of its stated goal of..