Shanghai (China), Oct 9 (EFE) .- The Chinese technology Lenovo has canceled its plans to seek a secondary IPO in the STAR technology market of the Shanghai Stock Exchange.
In a statement published on its website on Friday, the Shanghainese park notes that it has canceled the IPO after Lenovo and the company that sponsored the operation, the investment bank CICC, withdrew their application.
None of the parties involved has explained the reasons for the cancellation, which occurs just days after the Shanghai Stock Exchange approved Lenovo’s request on September 30.
Lenovo had already warned last day 4, when it communicated to the Hong Kong Stock Exchange that it had obtained the green light from the Shanghai market, that the operation still depended “on the fulfillment of certain conditions and obtaining the necessary approvals. by regulators “.
The world’s largest manufacturer of personal computers had announced last January a plan to issue 10% of its shares in Shanghai through the formula of depository receipts, that is, negotiable certificates that are listed on a local stock exchange representing shares of a company foreign -although Lenovo is a Chinese company, Hong Kong is considered another territory in different fields such as economic-.
Lenovo would have made just under $ 1.6 billion or € 1.4 billion from the Shanghai operation.
Those funds, the firm indicated in January, would have been used for “research and development of new technologies, products and solutions; strategic investments in related sectors, and replacement of the capital of the company’s operating funds.”
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