Stocks News
- Lenovo rises on report of A-share sale
Date: 24-Apr-2007 Sources: (Xinhua Online)
Share of Lenovo Group Ltd, the world's third-biggest maker of personal computers, had the biggest one-day gain on Monday in more than three months after a newspaper said the company may sell new stock in China's mainland.
The stock rose 5.1 percent to 3.07 HK dollars (39 U.S. cents) at the end of trading in Hong Kong, the largest increase since January 9. That compares with a 0.2 percent gain in the benchmark Hang Seng index.
Mainland's government may soon approve plans by Lenovo, China Mobile Ltd, and CNOOC Ltd to sell yuan shares worth between eight billion yuan (1.04 billion dollars) and 16 billion yuan each in mainland stock markets, the South China Morning Post reported Monday, citing unidentified sources.
The government may also allow listing plans by China Netcom Group Corp (Hong Kong) Ltd and an unnamed Hong Kong-listed mainland electronics maker, the newspaper said.
Under current mainland securities rules, the five companies, so-called red chips, are not allowed to sell yuan shares as they are incorporated outside the country.
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