(Bloomberg) — Luckin Coffee Inc.’s battered stock faces a renewed wave of selling on Wednesday, after Nasdaq Inc. said it planned to delist the onetime market darling that shocked investors with revelations of accounting fraud last month.The Chinese coffee chain’s shares, which have been suspended since tumbling more than 80% in early April, will resume trading at 7 a.m. in New York. Luckin announced Nasdaq’s intention to delist the company in a statement on Tuesday, saying shares will remain on the exchange pending the outcome of an appeal hearing.The prospect of delisting is likely to trigger a rush for the exits by Luckin’s remaining shareholders, adding to a long list of challenges for the company as it tries to recover from its disclosure that senior executives fabricated about $310 million in sales. Banks including Credit Suisse Group AG, Morgan Stanley and Goldman Sachs Group Inc. are among those with money at stake, after the firms seized control of shares that Luckin’s chairman had pledged as collateral for loans.“I can’t see what else investors would do other than dump the stock,” said Hou Anyang, a fund manager at Frontsea Asset Management Co. in Shenzhen.Luckin’s dramatic fall from grace has made the company a poster child for concerns about Chinese corporate governance, fueling a debate in Washington over the extent to which American money and capital markets should be intertwined with a growing geopolitical rival.President Donald Trump said last week he’s “looking at” Chinese companies that don’t follow U.S. accounting rules, while his administration moved to stop a federal retirement savings fund from investing in the Asian nation’s stocks. Nasdaq is planning new rules that would make initial public offerings more difficult for some Chinese companies.Nasdaq Set to Tighten Listing Rules, Impacting Chinese IPOs Luckin Chairman Lu Zhengyao said in a statement that he’s “deeply disappointed” Nasdaq is moving to delist before the company releases final results of an internal probe into its accounting.“Luckin has reacted actively according to the initial results of the investigation, including terminating some relevant management and restructuring the board,” Lu said.“My personal style may have been too aggressive and led the companies to run too fast, which has triggered many problems,” Lu continued. “But I never lied to investors with the idea of ‘selling concepts.’ I’m working hard to make the company bigger and better to create value for society.”A Luckin representative declined to comment on the stock price. The company had a market value of about $1.1 billion based on its closing level April 6.While Luckin’s stores are still operating and the company is opening new outlets, its offices in China were raided by authorities last month as part of a multi-agency investigation into its finances. Luckin fired its chief executive officer and other senior leaders last week.Read more: Luckin Coffee Still Expanding Full Steam Despite Sales ScandalIn its letter to Luckin on the delisting plan, Nasdaq cited “public interest concerns as raised by the fabricated transactions disclosed by the Company” and “past failure to publicly disclose material information.”Car Inc., the auto-rental company founded by Lu whose stock has slumped in the wake of the Luckin scandal, dropped as much as 3.8% in Hong Kong on Wednesday. Its dollar bonds were little changed, as were Luckin’s convertible notes, according to Bloomberg-compiled prices.The anticipated selloff in Luckin shares on Wednesday may also spread to other U.S.-listed Chinese companies, though some of those losses could create buying opportunities, said Sun Jianbo, president of Beijing-based China Vision Capital.“As a Chinese firm which will cease to list on the U.S. market, Luckin will be virtually worthless to American investors,” Sun said. “It’d also be a sentiment shock to other Chinese ADRs, but may create bottom-fishing opportunities for some investors.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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* China announced tariffs on Australian goods as retaliation over coronavirus origins' investigation. * Australia will publish this Wednesday the Westpac Leading Index for April. * AUD/USD holding on to gains and with room to keep advancing.The AUD/USD pair surged to 0.6584, a level that was last seen on March 10. Commodity-linked currencies were the best performers against the greenback, despite the sour tone of equities. Even further, the Aussie rallied despite an early slump, triggered by news coming from China. The Asian giant imposed punitive tariffs of more than 80% on barley imports from Australia, and market talks suggest that the movement could extend to wine, seafood, and dairy. The move was a response to the Australian call for an investigation into the origin of the coronavirus.The Reserve Bank of Australia released the Minutes of its latest meeting, which included no surprises. Policymakers are concerned about the unprecedented economic contraction triggered by the coronavirus pandemic, although they are also confident about the measures taken to bare with it. During the upcoming Asian session, the country will publish the Westpac Leading Index for April, previously at -0.85%.AUD/USD Short-Term Technical Outlook The AUD/USD pair is trading near the mentioned high in the 0.6560 regions as the day comes to an end. The 4-hour chart shows that it continues to develop above all of its moving averages, with the 20 SMA crossing above the 100 SMA, both around 0.6480. Technical indicators continue to head higher near overbought readings, all of which maintain the risk skewed to the upside.Support levels: 0.6530 0.6490 0.6455Resistance levels: 0.6585 0.6610 0.6645Photo from Pixabay. See more from Benzinga * EUR/USD Forecast: Still Aiming To Test The 1.1000 Threshold: 5/19/2020 * AUD/USD Forecast: About To Challenge This Month High, Bullish * EUR/USD Forecast: Turned Short-Term Bullish May Near The Critical 1.1000 Level(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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