As of now, Lenovo Group has not disclosed the reason for the withdrawal.

Supplementary information:

1. The listing review of Lenovo Group has been terminated, which to a certain extent also shows that the strict tone of the Science and Technology Innovation Board review has not changed. On the one hand, the tightening of audits is related to ensuring the quality of listed companies. On the other hand, it also shows that China's top officials intend to guide companies to develop high-tech industries.

2. Regarding Lenovo Group’s rapid withdrawal of its listing application, the outside world generally believes that it has a lot to do with the company’s positioning being inconsistent with the Science and Technology Innovation Board.

3. As of now, Lenovo Group has not disclosed the reason for the withdrawal. In fact, Lenovo Group initiated the application on September 30 and withdrew it on October 8, with only one working day in between. But it is worth mentioning that on October 4, Lenovo Group also released a prospectus (application draft) on the Hong Kong stock market for its proposed listing on the Science and Technology Innovation Board in accordance with the rules of the Hong Kong Stock Exchange. This shows that the decision to withdraw the listing on the Science and Technology Innovation Board was made at least after October 4.

Extended information:

1. Science and Technology Innovation Board listing standards

Lenovo suddenly terminated its listing. The reason that most people can think of is that Lenovo does not meet the standards for science and technology innovation. Board listing conditions. So what are the conditions for listing on the Science and Technology Innovation Board?

In April this year, the China Securities Regulatory Commission revised the "Guidelines for the Evaluation of Science and Technology Innovation Attributes (Trial)", which mentioned that companies that meet the following four indicators in relevant industries and fields that meet the positioning regulations of the Science and Technology Innovation Board are supported and encouraged. Apply for listing on the Science and Technology Innovation Board:

1. The proportion of R&D investment in operating income in the past three years is more than 5 (10 for software companies), or the cumulative amount of R&D investment in the past three years is more than 60 million yuan;

2. The proportion of R&D personnel to the total number of employees in the year shall not be less than 10;

3. More than 5 invention patents that form the main business income; (Software companies can be exempted but the R&D proportion must be 10 )

4. The compound growth rate of operating income in the last three years has reached 20, or the operating income in the last year has reached 300 million yuan (exemption from the fifth set of standards applies).

According to the prospectus, Lenovo Group has chosen the above-mentioned "Evaluation Criteria for Scientific and Technological Innovation Attributes

One" as its listing standard.

5. In recent years, the Science and Technology Innovation Board has continuously raised the listing threshold to prevent the tragedy of "making money from listing".

Lenovo Group has not yet responded to the reasons for the termination of listing, but the prospectus shows many clues. From Lenovo's financial data, we found that although the company's revenue, net profit growth and other data continue to grow, the debt ratio related to financial stability is abnormally high. At the same time, as a technology company that chooses to be listed on the Science and Technology Innovation Board, its investment in research and development is also The phenomenon of falling below the standard of scientific and technological innovation attributes has caused many people in the industry to question the "money trap" of listing.

2. If the debt ratio exceeds 90, raising 10 billion yuan is considered "money trapping"?

1. The prospectus shows that Lenovo Group’s core business includes two major segments: smart device business group and data center business group. Its main products include personal computers, mobile devices, data center equipment and related solutions.

2. Fiscal year 2020/21 (April 1, 2020 to March 31, 2021), fiscal year 2019/20 (April 1, 2019 to March 31, 2020) , the 2018/19 fiscal year (April 1, 2018 to March 31, 2019) achieved revenue of 411.6 billion yuan, 352.6 billion yuan, and 342.5 billion yuan respectively; during the same period, it achieved net profits of 7.77 billion yuan and 4.63 billion yuan respectively. yuan, 3.83 billion yuan.

1. From the perspective of revenue and net profit, Lenovo Group’s book data is eye-catching. After all, in the PC era, Lenovo was once the “domestic product”. But a closer look at the asset-liability ratio is disappointing. Since 2018, Lenovo's asset-liability ratio has been rising, reaching 90.5 in the 2020/21 fiscal year.