The world’s largest PC maker Lenovo Group has withdrawn its application to list on Shanghai’s Star Market just eight days after the company was accepted by the exchange. This is the second largest IPO withdrawal after Ant Group scrapped its $39.7bn dual listing in November last year. Lenovo, which is already listed on the New York and Hong Kong exchanges, had planned to raise up to $1.8bn via a sale of Chinese depository receipts (CDRs), making it the first Red Chip (Term of the day) to do so. The IPO withdrawal is a setback for the Star Market, which positions itself as the “centre stage for China’s technology champions” as per SCMP.
Lenovo’s 3.421% 2030s traded weaker last week, down ~1.5 points to now trade at 102.98 yielding 3.03%.
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