China Roundup: Lenovo to raise $1.5b via Shanghai IPO, and other news

Lenovo to raise US$1.5 billion via Shanghai IPO

• The PC producer, which is listed on the Hong Kong stock exchange, will be the first company to go for a dual listing on Shanghai’s Star Market using Chinese depository receipts.
• Lenovo submitted its Star Market listing application on Sept. 30 and got approval on the same day.
• The company will offer less than 10% of its total share capital to raise 10 billion yuan (around US$1.54 billion).

Geely builds satellites to guide its self-driving cars

• The Chinese carmaker has started mass production of its satellites in Taizhou, and aims to build 500 satellite units every year.
• Geely is looking to provide a reliable navigation system for its self-driving cars with the help of its network of low-orbit satellites.
• The development comes as the result of an amicable relationship between company founder Li Shufu and Chinese President Xi Jinping, paving the way for Geely to enter the satellite space, which has been dominated by military-affiliated firms.

Currency converted from Chinese yuan to US dollar: US$1 = 6.45 yuan.