HONG KONG/NEW YORK—Luckin Coffee Inc. stated on May 19 that Nasdaq Inc. 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 aren’t transparent about their accounting, Reuters reported on May 18.
