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Lenovo to raise $1.5bn on Shanghai STAR market

Company diversifies funding source through dual listing with Hong Kong

Lenovo looks to develop cloud services and artificial intelligence applications.   © Reuters

BEIJING -- Chinese PC leader Lenovo will list on Shanghai's tech-focused market, aiming to raise 10 billion yuan ($1.54 billion) to develop leading-edge businesses outside of hardware.

Lenovo plans a public offering using Chinese depositary receipts in the STAR Market, the Shanghai Stock Exchange's answer to Nasdaq. The company will float no more than 10% of the share capital.

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