HONG KONG — Luckin Coffee had an audacious goal: take on Starbucks in China. Last year, unprofitable, burning through cash and not even two years old, it went to Wall Street to raise over half a billion dollars. Just a few months ago, it was valued at $12 billion.

The one-time darling has now imploded spectacularly in an accounting fraud that has roiled China, a cautionary tale that has renewed a push in the United States to cut Chinese companies off from Wall Street.

Lawmakers from both parties say Chinese companies do not play by the same rules, adding to rising tensions between Washington and Beijing. And Luckin, which disclosed this month that it had fabricated most of its 2019 revenue, is also resurfacing frustrations from American regulators over the ability to prosecute Chinese companies often given cover by Chinese officials who cite the need to protect state secrets.

“The Luckin Coffee scandal is just one of many examples of Chinese fraud, and it should be a major wake-up call for policymakers and regulators that the time for action is now,” said Senator Marco Rubio, Republican of Florida.