By P.R. Venkat

Lenovo Group has withdrawn its application to issue Chinese Depositary Receipts on the Shanghai Stock Exchange, citing market conditions.

"The withdrawal of the application is not expected to give rise to any adverse impact on the financial positions of the group," Lenovo said late Sunday.

Earlier this month, the Chinese technology company said that the Shanghai exchange had accepted its proposal to issue CDRs that were to be listed on the STAR Board.

Lenovo had planned to offer no more than 10% of its total post-issuance equity in Shanghai and was to use the proceeds for research and development of new technologies and products and meet working capital needs.

Write to P.R. Venkat at [email protected]

(END) Dow Jones Newswires

10-10-21 1813ET

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