LENOVO Group Co., the world’s biggest maker of personal computers (PCs), has withdrawn its application for a 10 billion yuan (US$1.55 billion) share listing in Shanghai, a Shanghai Stock Exchange filing showed Friday.

The firm only had its application for a share sale accepted by the STAR Market of the exchange at the end of last month.

The Shanghai Stock Exchange said Lenovo and its sponsor, investment bank China International Capital Corp., had asked to withdraw the application documents for an initial public offering (IPO) Friday but did not give a reason for the move.

If the original plan had been carried out, Lenovo, already listed in New York and Hong Kong, would have been the first company to complete a dual listing on the STAR Market using the Chinese depository receipts (CDRs).

A Lenovo listing on a mainland exchange would mark a symbolic homecoming for one of China’s oldest and most recognized high-tech companies.

Beijing-based Lenovo’s core business includes smart devices and data centers, and its main products include personal computers, mobile devices, data center equipment and related solutions.

According to the firm’s prospectus, its net profit over the past three fiscal years was 4.247 billion yuan, 5.594 billion yuan and 8.685 billion yuan, respectively. (SD-Agencies)