Chinese Stock That Rallied 4,555% Could Get the Boot From the Nasdaq
- Exchange cites rules related to minimum shareholder counts
- Company says it plans to seek a hearing to appeal decision
Analysts are seen monitoring data at the Market Intelligence Desk inside the Nasdaq MarketSite in New York.
Photographer: Eric Thayer/BloombergThis article is for subscribers only.
Wins Finance Holdings Inc., the Chinese loan guarantor that couldn’t explain a 4,555 percent surge in its stock, is set to be delisted from the Nasdaq Stock Market, which cited violations of exchange rules related to its shareholder base.
Nasdaq said Wins doesn’t meet regulations requiring it to have at least 300 shareholders who own 100 shares. The exchange’s decision was also based on "the making of alleged misrepresentations by the company relating to the 300 round-lot shareholder requirement," as well as public interest concerns, Wins said in a statement Wednesday.