Lenovo stock drops 17% after withdrawing Shanghai listing application

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SHANGHAI, Oct 11 (Businesshala) – Lenovo Group Ltd (0992.HK) saw its stock fall more than 17% on Monday, its biggest intraday drop in a decade, after the Chinese technology giant sold its stake for 10 billion yuan. Share listing in Shanghai after the withdrawal of the application ($ 1.55 billion).

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The world’s largest personal computer maker said on Friday it would withdraw its application, days after it was accepted by Shanghai’s Star Market.

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On Sunday, Lenovo said it had done so because the financial information in its prospectus was likely to expire during a review of the application. It did not detail the reasons why the information may no longer be valid.

It also cited “relevant capital market conditions such as the latest circumstances with respect to the listing”.

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“The Group’s business is in good standing as ever. The withdrawal of the application is not expected to adversely affect the Group’s financial position,” Hong Kong-listed Lenovo said in a Sunday statement.

($1 = 6.4368 Chinese Yuan Renminbi)

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

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