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China Rebukes Top Investment Bank Over Lenovo’s Botched Listing

  • Regulator criticizes CICC bankers for failing in due diligence
  • Lenovo withdrew Shanghai listing plan to raise $1.6 billion
Updated on

China’s securities regulator rebuked China International Capital Corp., saying the country’s top investment bank has failed in due diligence on Lenovo Group Ltd.’s recent application for a $1.6 billion stock listing in Shanghai.

CICC, as the sponsor for the listing, was found to mainly rely on the explanatory documents provided by the issuer to draw conclusive opinions on the firm, according to a notice issued by the China Securities Regulatory Commission late Wednesday.