On October 11, Lenovo Group's Hong Kong shares opened down more than 17 percent, its market value fell below HK $90 billion, legend Holdings' Hong Kong shares fell more than 12 percent.
On October 8, Lenovo Group and its sponsor, China International Capital Corporation, withdrew their application for listing on the Science and Technology Innovation Board to the Hong Kong Stock Exchange. On October 10, Lenovo Group issued a notice on the Hong Kong Stock Exchange to explain the reason for withdrawing the listing application: After submitting the listing application materials, considering the scale and complexity of the company's business, the financial information in the prospectus may become invalid during the review process of the application. At the same time, the company decided to withdraw the application for listing and trading of CDRS on the Science and Technology Innovation Board after careful consideration of the latest listing and other capital market related conditions.
In the announcement also claimed that the withdrawal of the application for listing on the Science and Technology Innovation Board will not have any adverse impact on the company's financial position, the company will continue to closely monitor the situation, if there is any significant update and development of the proposed issuance of China Depositary Receipts and listing, will make a separate announcement in due course.
Lenovo narrowed its losses to 14.07 percent at HK $7.57 per share at press time, giving it a market value of HK $91.1 billion. Legend fell 12.14 percent to HK $13.90.)