[1][2][3][4] The firm focuses on acquiring control of companies consumer, healthcare, business services and technology sectors in China.

Its secured interest from foreign investors such as GIC, Temasek Holdings and Ontario Teachers' Pension Plan.

However it was opposed by other shareholders and claimed Centurium entered into an undisclosed share purchase agreement with Luckin Coffee that was not disclosed to the others.

In January 2022, Centrium became the controlling shareholder of Luckin Coffee with over 50% of voting rights after acquiring the shares previously held by its co-founders via a consortium with IDG Capital and Ares Management.

Centurium's restructuring strategy was to close down underperforming stores and increase the price of a cup of coffee by 60 per cent.

In addition, Luckin Coffee would use an "in-app" purchase system to reduce property and staffing costs as well as using franchisees to expand the number of stores rather than directly owning them.