Chinese PC maker Lenovo soars 9.6% after saying it will list shares on Shanghai’s Nasdaq-style board

Picture taken on Jan. 8, 2020 reveals the sector’s first 5G private pc launched by Lenovo all the most realistic most likely device through the 2020 Consumer Electronics Reward in Las Vegas, the United States.

Wu Xiaoling | Xinhua News Company | Getty Photos

GUANGZHOU, China — Shares of Hong Kong-listed Lenovo closed over 9% elevated on Wednesday after the Chinese PC maker said it plans to checklist stocks in Shanghai.

Lenovo shares closed at 8.83 Hong Kong bucks paring earlier beneficial properties when the stock went as excessive as 9.42 Hong Kong bucks.

On Tuesday, Lenovo said it had filed a quiz to the Hong Kong stock trade, asking them to enviornment so-known as Chinese depositary receipts (CDRs) on the Science and Skills Innovation Board or Large name Market of the Shanghai Stock Change.

CDRs enable mainland Chinese investors to hold fairness in non-Chinese integrated companies, and are equal to American depositary receipts (ADRs) which allow stocks of non-U.S. firm shares to trade on American exchanges. They’re technically no longer shares however signify fairness interest in a firm.

Shanghai’s Large name Market launched in 2019 with the aim of attracting modern technology companies through more relaxed listing principles than varied stock boards. In December, the Large name Market welcomed its 200th firm.

Lenovo said it intends to enviornment contemporary contemporary shares that could signify no bigger than 10% of the entire enlarged form of surprising shares of the firm.  

The proceeds from the issuance will likely be frail for the firm’s analysis and building of most recent technologies, merchandise and solutions, strategic investments in related sectors, and replenishment of its working capital, Lenovo said in an announcement.

“With Lenovo’s solid world presence and heritage in China, we’re confident that this offering will serve extra realize Lenovo’s value by leveraging the booming China capital market on the same time enable investors in China to make investments more with out complications,” Yuanqing Yang, Lenovo Chairman and CEO, said in the assertion.

“The offering will enable us to plan elevated investments in technologies and enhancements, and better pressure digital and gleaming transformation across industries.”

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