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If holder's current species is Chansey, its critical hit ratio is increased two stages.
Seriously, don't even consider using this item competitively. The use of Lucky Punch requires Chansey to utilize its one of its two offensive stats, both of which are practically abysmal. The only offensive move Chansey would actually consider using is Seismic Toss, which is not affected by Lucky Punch due to its dependence on Chansey's level. On top of this, because of Chansey's defensive and supportive nature, it's better off using Leftovers, with which it can recover some lost health over time simultaneously with Protect, Wish, and Softboiled.