China securities regulator orders Lenovo to fix information disclosures
China’s securities regulator on Thursday ordered Lenovo Group to rectify information disclosure issues.
The China Securities Regulatory Commission (CSRC) said in a statement that a regular on-site inspection found that the Chinese computer firm released its 2020 annual report in Hong Kong earlier than it did in mainland China.
Lenovo’s disclosure via the Shanghai Stock Exchange of its acquisition of Banque Internationale a Luxembourg SA also lagged its announcement through the Hong Kong bourse, it said.
The company also failed to disclose that shares of some Lenovo subsidiaries were used as collateral, while information involving non-operational lending activities was not accurate.
Lenovo did not immediately respond to a request for comment.
Shares in Lenovo were up 0.5% on Thursday morning.
Authors: Samuel Shen, Eduardo Baptista, Reuters