Chinese language PC maker Lenovo soars 15% after saying it can record shares on Shanghai’s Nasdaq-style board

Photograph taken on Jan. 8, 2020 reveals the world’s first 5G private pc launched by Lenovo in the course of the 2020 Client Electronics Present in Las Vegas, the USA.

Wu Xiaoling | Xinhua Information Company | Getty Photographs

GUANGZHOU, China — Shares of Hong Kong-listed Lenovo rose over 15% on Wednesday after the Chinese language PC maker stated it plans to record shares in Shanghai.

Lenovo shares have been buying and selling at 9.30 Hong Kong {dollars} at 10 a.m. native time, a 15.5% rise from the earlier shut.

On Tuesday, Lenovo stated it had filed a request to the Hong Kong inventory trade, asking them to difficulty so-called Chinese language depositary receipts (CDRs) on the Science and Know-how Innovation Board or Star Market of the Shanghai Inventory Alternate.

CDRs permit mainland Chinese language buyers to purchase fairness in non-Chinese language included firms, and are just like American depositary receipts (ADRs) which permit shares of non-U.S. firm shares to commerce on American exchanges. They’re technically not shares however signify fairness curiosity in an organization.

Shanghai’s Star Market launched in 2019 with the purpose of attracting modern expertise firms by extra relaxed itemizing guidelines than different inventory boards. In December, the Star Market welcomed its 200th company.

Lenovo stated it intends to difficulty new peculiar shares that will signify not more than 10% of the overall enlarged variety of peculiar shares of the corporate.  

The proceeds from the issuance can be used for the corporate’s analysis and growth of recent applied sciences, merchandise and options, strategic investments in associated sectors, and replenishment of its working capital, Lenovo stated in a press release.

“With Lenovo’s sturdy world presence and heritage in China, we’re assured that this providing will assist additional understand Lenovo’s worth by leveraging the booming China capital market on the similar time allow buyers in China to take a position extra simply,” Yuanqing Yang, Lenovo Chairman and CEO, stated within the assertion.

“The providing will permit us to make larger investments in applied sciences and improvements, and higher drive digital and clever transformation throughout industries.”

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