Lenovo Looks to List Shares on Shanghai Tech Board
January 13, 2021
Lenovo’s board of directors approved the proposed issuance of Chinese depositary receipts (“CDRs”), and the application for listing and trading of the CDRs on the Science and Technology Innovation Board of the Shanghai Stock Exchange:
• The Company plans to use the proceeds from the proposed CDRs for research and development of new technologies, products and solutions, strategic investments in related sectors, and replenishment of the Company’s working capital.
• As the proposed issuance of CDRs is subject to various conditions, it may or may not proceed. The CDR proposal shall be subject to, among other things, market conditions, the approval of the shareholders at the general meeting and the necessary approval(s) by regulatory authorities.