Lenovo shares suspended ahead of major announcement


Lenovo shares suspended ahead of major announcement

Microscope contributor

Lenovo shares were suspended on the Hong Kong stock exchange this morning amid feverish industry talk that sluggish sales at the PC firm could lead to a major restructuring.

The company today confirmed that Hong Kong regulators had granted its request to freeze trading on its stocks from 9.30am pending the release of price-sensitive information.

A Lenovo spokesman was unable to expand on what the announcement will be or when it will be made public, but stated it did not want the shares to be suspended "for too long".

According to Lenovo's fiscal 2008 results, 61.1% of worldwide sales came from Asia Pacific, and this reliance on the region could have left it more exposed to a downturn than rivals with a wider geographical spread.

Last year, Gartner analysts cut fourth quarter growth forecasts for Asia Pacific from 20% to 12% as the global downturn took hold.

The corporate market has been most impacted by the financial crisis in the worldwide economy, but outside of China and other regional pockets Lenovo doe snot have a wide consumer portfolio.

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