Abu Dhabi's Mubadala fund invests ~$1 billion alongside Centurium Capital in Luckin Coffee, China's leading coffee chain (which recovered from a 2020 accounting fraud scandal). Mubadala gains a board seat but Centurium retains control with 22.1% equity and 47.8% voting rights. The deal reflects Gulf sovereign wealth funds pursuing active governance roles in Chinese consumer plays, while geopolitical tensions curb semiconductor/AI investments in China.