Chinese stock that rallied 4,555% faces Nasdaq boot

Wins Finance Holdings, the Chinese loan guarantor that couldn’t explain a 4,555% 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. Wins plans to request a hearing to appeal the decision, according to Bloomberg. At one point, the stock had soared as much as 4,555% from its debut on Nasdaq in 2015. Its market value surpassed $9 billion in February, about four times as much as LendingClub, an online lender that had 50 times the revenue as of March.