(Yicai Global) Nov. 14 -- Luckin Coffee, China's first unicorn startup in the sector, has withdrawn its 16-month-old lawsuit against rival Starbucks, the Shanghai Observer reported today.

The report did not say why Luckin killed the suit, which accused Starbucks China of monopolistic practices and was accepted by Shenzhen Intermediate Court in May 2018.

Xiamen-based Luckin claimed that Starbucks had signed shop-lease contracts with exclusivity provisions that prevented property owners from renting to its Chinese competitor.