Lenovo Plans China Listing, Sending Stock Soaring
Shares in the world’s largest PC maker hit their highest level since 2015
Lenovo intends to join the STAR Market, China’s answer to the Nasdaq. Photo: philippe lopez/Agence France-Presse/Getty Images By Updated Jan. 13, 2021 10:08 am ET Lenovo Group Ltd. is capitalizing on two booming markets, Chinese stocks and the global PC industry, to list in Shanghai.
The company is the world’s largest maker of personal computers and is well-known for acquiring IBM ’s ThinkPad unit and the Motorola Mobility smartphone business. The news that Lenovo would join the STAR Market, China’s answer to the Nasdaq, boosted its Hong Kong-traded shares, which on Wednesday hit their highest level since 2015.
On Tuesday, Lenovo said it had filed a request to the Hong Kong stock exchange, asking them to issue so-called Chinese depositary receipts (CDRs) on the Science and Technology Innovation Board or Star Market of the Shanghai Stock Exchange.
CDRs allow mainland Chinese investors to buy equity in non-Chinese incorporated companies, and are similar to American depositary receipts (ADRs) which allow stocks of non-U.S. company shares to trade on American exchanges. They are technically not shares but represent equity interest in a company.
Lenovo said it intends to issue new ordinary shares that would represent no more than 10% of the total enlarged number of ordinary shares of the company.
Top 25 CPA and Advisory Firm Carr, Riggs & Ingram Welcomes Russell Thompson Butler & Houston, LLP
Top 25 CPA and Advisory Firm Carr, Riggs & Ingram Welcomes Russell Thompson Butler & Houston, LLP
MOBILE, Ala., Jan. 7, 2021 /PRNewswire/ After years of providing their clients with personalized financial guidance, Russell Thompson Butler & Houston, LLP (RTBH) has merged with nationally ranked CPA and advisory firm Carr, Riggs & Ingram, LLC (CRI). The RTBH team joins more than 1,900 CRI professionals currently serving clients across the Southeastern and Southwestern United States.
The firm has expertise ranging from basic accounting services, to tax review, compilation, and preparation, as well as general business consulting. CRI also offers tax services to corporate entities, individuals, and trusts with particular industry expertise delivered to healthcare, insurance, and the construction industry.
Press release content from PR Newswire. The AP news staff was not involved in its creation.
Qiming Venture Partners’ Portfolio Company APT Medical Listed on STAR Board of Shanghai Stock Exchange
January 7, 2021 GMT
SHANGHAI, Jan. 7, 2021 /PRNewswire/ Qiming Venture Partners’ portfolio company APT Medical (SHSE: 688617) today successfully listed on the Science and Technology Innovation Board (the STAR Board) of Shanghai Stock Exchange. The issue price is CNY 74.46 per share. The stock opened at CNY 221.73 per share and closed at CNY 257.02 on the first trading day, up 245.18%, with a market cap of CNY 17.14 billion, or USD 2.65 billion.
Qiming is an A round investor and the largest institutional shareholder of APT Medical. Qiming’s RMB and USD funds combined own 19.35% of the company after the IPO.