Chinese PC maker Lenovo soars 15% after saying it will list shares on Shanghai’s Nasdaq-style board

Photo taken on Jan. 8, 2020 reveals the enviornment’s first 5G non-public laptop launched by Lenovo throughout the 2020 Client Electronics Point to in Las Vegas, the US.

Wu Xiaoling | Xinhua Files Agency | Getty Photos

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

Lenovo shares absorb been procuring and selling at 9.30 Hong Kong bucks at 10 a.m. native time, a 15.5% upward push from the previous shut.

On Tuesday, Lenovo acknowledged it had filed a requirement to the Hong Kong inventory substitute, asking them to location so-called Chinese depositary receipts (CDRs) on the Science and Know-how Innovation Board or Massive title Market of the Shanghai Stock Alternate.

CDRs allow mainland Chinese traders to bewitch fairness in non-Chinese included companies, and are such as American depositary receipts (ADRs) which allow stocks of non-U.S. company shares to interchange on American exchanges. They are technically no longer shares nevertheless reveal fairness hobby in an organization.

Shanghai’s Massive title Market launched in 2019 with the aim of attracting revolutionary skills companies thru extra relaxed itemizing ideas than other inventory boards. In December, the Massive title Market welcomed its 200th company.

Lenovo acknowledged it intends to location unique usual shares that might perchance perchance presumably well reveal no higher than 10% of the total enlarged preference of usual shares of the company.  

The proceeds from the issuance shall be ancient for the company’s research and constructing of unique technologies, merchandise and solutions, strategic investments in connected sectors, and replenishment of its working capital, Lenovo acknowledged in an announcement.

“With Lenovo’s right international presence and heritage in China, we’re assured that this providing will motivate further realize Lenovo’s cost by leveraging the booming China capital market at the the same time allow traders in China to invest extra without problems,” Yuanqing Yang, Lenovo Chairman and CEO, acknowledged in the assertion.

“The providing will allow us to originate better investments in technologies and innovations, and better pressure digital and shining transformation across industries.”

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