Finance

Lenovo stock drops 17% after withdrawing Shanghai listing application

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An worker gestures subsequent to a Lenovo emblem at Lenovo Tech World in Beijing, China November 15, 2019. REUTERS/Jason Lee

SHANGHAI, Oct 11 (Reuters) – Lenovo Group Ltd noticed its inventory fall greater than 17% on Monday, its largest intraday decline in over a decade, after the Chinese language expertise large withdrew its software for a ten billion yuan ($1.55 billion) share itemizing in Shanghai.

The world’s largest private pc maker on Friday stated it could withdraw its software, days after it had been accepted by Shanghai’s STAR Market.

On Sunday, Lenovo stated it had executed so due to the potential of the validity of monetary info in its prospectus lapsing through the software’s vetting. It didn’t element explanation why the knowledge might now not be legitimate.

It additionally cited “related capital market situations reminiscent of the most recent circumstances in reference to the itemizing.”

“The group’s enterprise operations are in good situation as traditional. The withdrawal of the applying isn’t anticipated to present rise to any hostile influence on the monetary positions of the group,” Hong Kong-listed Lenovo stated within the Sunday assertion.

($1 = 6.4368 Chinese language yuan renminbi)

Reporting by Brenda Goh and Jason Xue; Modifying by Christopher Cushing

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