Lenovo stock drops 17% after withdrawing Shanghai listing plan

FILE PHOTO: The Lenovo logo is seen in this illustration photo January 22, 2018. REUTERS/Thomas White/Illustration

SHANGHAI: Lenovo Group Ltd saw its stock fall more than 17% on Monday, its biggest intraday decline in over a decade, after the Chinese technology giant withdrew its application for a 10 billion yuan ($1.55 billion) share listing in Shanghai.

The world's biggest personal computer maker on Friday said it would withdraw its application, days after it had been accepted by Shanghai's STAR Market.