Nasdaq Informs China’s Luckin Coffee It Plans To Delist It

From: reuters.com

Luckin Coffee Inc (LK.O) said on Tuesday that Nasdaq Inc (NDAQ.O) has given it notice that it plans to delist it from the U.S. stock exchange a month after the Chinese coffee chain disclosed that some of its employees fabricated sales accounts.

The move underscores Nasdaq’s renewed focus on the auditing standards of companies on its bourse. This week it tightened its listings rules with an eye to curbing initial public offerings (IPOs) of Chinese companies that are closely held by insiders and are not transparent about their accounting, Reuters reported on Monday.

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