Luckin Coffee is preparing to launch its shares on Wall Street

Luckin Coffee, the coffee chain from China, plans to list its shares again on a U.S. exchange. Co-founder and CEO Jeannie Guo shared this news at a business event early this month.

At a city event in Xiamen, where the company has its base, Guo spoke. The event was run by local officials. He said the local government is helping them move forward with the relisting on a key U.S. stock market, as reported by CNBC.

Guo noted that relisting would help make Xiamen a top spot for global business and funds. he thanked the government for aiding the company's recovery. But he did not share updates on how far along they are.

In a statement sent by email to CNBC, the company said it still values U.S. markets. Yet there is no set date for returning to a main listing.

The company added that its main focus now is on its plan. This includes daily operations, growth, and building stronger brand appeal and market strength.

Luckin Coffee lost its Nasdaq spot in June 2020. This happened after it admitted to inflating 2019 sales by over $310 million.

Six months after that, it paid a $180 million fine to end fraud claims from the U.S. Securities and Exchange Commission.

Jinyi Guo became CEO in 2020. He replaced co-founder and ex-president Charles Zhengyao Lu after an inside probe into the issue.

In 2022, the company finished restructuring its debts and left Chapter 15 bankruptcy. Since then, its shares have traded over the counter in the U.S. As of Tuesday night, its market value hit about $10.9 billion. This beats the $4 billion value of Starbucks' China business, not counting brand rights.

Luckin Coffee nearly failed but made a strong return. In 2023, it passed Starbucks as China's top coffee chain with low-cost drinks. It also opened two stores in New York last July.

Centurium Capital, its biggest owner, helped with this. The firm doubled its stake after the 2020 scandal to pay legal costs and fines. It also changed the leadership.

Last April, David Li, who started Centurium, joined as board chair. Some saw this as a push to speed up relisting.

Reports since 2022 said the company listed back on Nasdaq. But Luckin denied it many times. In an investor call last October, it said no timeline exists.

New 2023 rules say Chinese firms must report overseas listings to the China Securities Regulatory Commission. It is not clear if Luckin did this.

The company might face U.S. rules on sharing financial info. The SEC wants audits from firms approved by the Public Company Accounting Oversight Board.

In July, the PCAOB took away the license of Luckin's old auditor for issues in its 2021 work. From 2022 on, it has used BDO China Shu Lun Pan, as per its reports.

In this year's second quarter, Luckin Coffee's sales jumped 47.1 percent from last year to $1.7 billion. By June's end, it had 26,206 stores worldwide.

Luckin Coffee went from a scandal that hurt trust to a strong brand in the top coffee market. This shows smart changes and new ideas during tough times. As it eyes a U.S. relisting, one big question is if it can keep growing with rules and tough rivals. Luckin's path now stands as a clear example of a brave business recovery.