Lenovo edges up after suspension

PUBLISHED : Wednesday, 07 February, 2007, 12:00am
UPDATED : Wednesday, 07 February, 2007, 12:00am


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Updated at 5.36pm:
Lenovo shares closed four cents or 1.25 per cent higher at HK$3.24 on Wednesday after trading resumed following Tuesday's controversial suspension, when the firm abruptly stopped dealing in the shares at 10.16am.

In an announcement to HKEx late on Tuesday the company confirmed that leading shareholder IBM had sold 300 million shares - about 3.52 per cent of share capital - at HK$3.20 each. The sale left IBM with an 11.31 per cent stake in Lenovo, one of the world's leading personal computer makers.

Lenovo had plunged in early trade on Tuesday, losing 6.98 per cent in the first 16 minutes of trade before its suspension. Details of the placement had been published in the media late on Monday.

Lenovo's Wednesday rise came amid a declining market, with the Hang Seng Index ending the morning 36.99 points or 0.18 per cent lower at 20,618.21.

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