Lenovo Stocks Drop 17% after Shanghai Listing Withdrawal

Lenovo Group Ltd saw its stocks fall more than 17% after withdrawing its Shanghai listing for 10 billion Yuan. The decline has so far been its biggest intraday fall in almost 10 years.

The technology giant announced to take back its application after it was accepted by Shanghai’s STAR market on Friday. The reason behind the application withdrawal is said to be linked to the validity of the financial information provided in the prospectus. The company has not provided any more detail on the matter.

Lenovo also stated, “Relevant capital market conditions such as the latest circumstances in connection with the listing.” Furthermore it said, “The group’s business operations are in good condition as usual. The withdrawal of the application is not expected to give rise to any adverse impact on the financial positions of the group.”