Lenovo Group Ltd. is working with China International Capital Corp. to prepare for its planned listing in Shanghai through the issuance of Chinese depositary receipts, which could raise about 10 billion yuan ($1.5 billion).
The company announced the plans Tuesday evening and said it will sell no more than 10% of its enlarged share capital in the CDR issuance. Lenovo plans to submit a listing application after a shareholders meeting in February, a representative for the company said in response to query, confirming an earlier Bloomberg News report.
