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Lenovo chairman says withdrawal of Shanghai listing will not hit business

Lenovo chairman says withdrawal of Shanghai listing will not hit business
Lenovo chairman says withdrawal of Shanghai listing will not hit business   -   Copyright  Thomson Reuters 2021
By Reuters

SHANGHAI – Factors such as market conditions and the listing process were behind Lenovo’s withdrawal of its 10 billion yuan ($1.56 billion) share listing in Shanghai last month, Chairman Yang Yuanqing said on Thursday.

The second listing would have been “nice to have” for the company, which is listed in Hong Kong, Yang told Reuters in an interview after the world’s biggest maker of personal computers issued its second-quarter results.

“Without that, it will not change Lenovo’s fundamentals, so it will not impact Lenovo’s business at all,” added Yang, who is also the company’s chief executive.

“We will continue to evaluate all opportunities to support our business transformation as part of our wider long-term global finance strategy.”

Lenovo shares tumbled last month after it abruptly withdrew its application for the listing, days after it had been accepted by the STAR Market in the Chinese commercial hub.

($1=6.3939 Chinese yuan renminbi)