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.
