Lenovo drops 17% after withdrawing Shanghai listing application

Lenovo Group Ltd saw its stock fall more than 17% on Monday, its biggest intraday decline in over a decade, after the Chinese technology giant withdrew its application for a 10 billion yuan ($1.55 billion) share listing in Shanghai.

Lenovo, the world’s biggest personal computer maker on Friday said it would withdraw its application, days after it had been accepted by Shanghai’s STAR Market.

On Sunday, Lenovo said it had done so because of the possibility of the validity of financial information in its prospectus lapsing during the application’s vetting.

Lenovo also cited “relevant capital market conditions such as the latest circumstances in connection with the listing.”