Lenovo withdraws IPO application

Lenovo Group Ltd said it decided to withdraw its application for an initial public offering on the Shanghai Stock Exchange's Science and Technology Innovation Board, due to a reconsideration of its business scale and complexity.

Lenovo said the withdrawal of the application would not affect its financial situation.

The Hong Kong-listed company said in a filing to the Hong Kong Stock Exchange on Sunday night the move to withdraw the application also came after its consideration of other capital market related situations.