Asian Tech Press (Oct 11) -- Chinese PC maker Lenovo Group Ltd (0992.HK) responded on Sunday that the company withdrew its application for Shanghai listing, considering the validity of the financial information in its IPO filings.

Lenovo said in an announcement on Sunday that after submitting the application materials to the Shanghai Stock Exchange (SSE), the financial information in the prospectus may expire during the vetting process of the application, taking into account the Company's business scale and complexity.

At the same time, after prudent consideration of relevant capital market conditions such as the latest offering and listing, the Company decided to withdraw the application for listing and trading of Chinese Depository Receipts on SSE's Science and Technology Innovation Board (Shanghai Star Market).

The computer manufacturing company also emphasizes that its business operations are in good condition and the withdrawal of the application will not have any adverse impact on its financial position.

On September 30, the Hong Kong-listed Lenovo filed to the SSE for listing on Shanghai Star Market. And on October 8, the SSE disclosed that the status of Lenovo IPO had been changed to "terminated" due to the issuer's withdrawal of its application for listing or the broker's withdrawal of its sponsorship.

Excluding China's National Day vacation, the IPO of Lenovo ended after only one trading day. Moreover, the expression "terminated" instead of "suspended" in the announcement means that Lenovo's plan to list its CDR on the Chinese mainland has fallen through.

Affected by the news, Lenovo's share price plummeted. By press time, Lenovo was down 16.69% at HK$7.34 ($0.94) per share.

(US$1=HK$7.7833)