Stock Groups

Lenovo stock drops 17% after withdrawing Shanghai listing application By Reuters

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO – An employee gesticulates next to the Lenovo logo during Lenovo Tech World Beijing China, November 15, 2019. REUTERS/Jason Lee

SHANGHAI (Reuters) – Lenovo Group Ltd (OTC) saw its stock drop more than 17% Monday. This was its largest intraday fall in more than a decade. The decline came after the Chinese technology company withdrew its application in Shanghai to be listed in a share market of 10 billion yuan (1.55 billion).

On Friday, the world’s largest personal computer manufacturer announced that it was withdrawing its application after being accepted by Shanghai’s STAR Market.

Lenovo stated that it did so on Sunday because financial information contained in the prospectus could have expired during application vetting. However, it did not explain why this may have happened.

Additionally, it cited “relevant market conditions” such as the most current circumstances that were relevant to the listing.

The group’s operations continue to be in good shape. In a Sunday statement, Lenovo Hong Kong listed said that the company does not expect to withdraw the application to have an adverse effect on its financial positions.

($1 = 6.4368 renminbi)

Disclaimer Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.



[ad_2]