(Yicai Global) Jan. 13 -- Lenovo Group’s shares rallied to an almost six-year high in Hong Kong after the world's largest personal computer maker said it will apply for a secondary listing on Shanghai’s Star Market.

Lenovo [HKG: 0992] ended 9.7 percent up today at HKD8.83 (USD1.14), after earlier gaining as much as 17 percent to HKD9.42, the highest since July 2015. Its American Depositary Receipts [ADR: LNVGY] jumped 10.9 percent to USD21.27 yesterday.

Lenovo has filed to issue new shares equivalent to as much as 10 percent of its total outstanding stock after the sale, the Beijing-based firm said in a statement yesterday. Other Chinese tech giants such as fintech leaders Ant Group and JD Digits have also turned to the Nasdaq-style Star Market as their route to market.

“The offering will allow us to make greater investments in technologies and innovations, and better drive digital and intelligent transformation across industries,” Lenovo Chairman Yuanqing Yang said.

The proceeds from the secondary share sale will be used to support research and development of new technologies, products, and solutions, as well as to invest in related sectors, and to replenish working capital, according to the statement.

Over the past couple of years, Lenovo has established new business units for cloud network convergence, data intelligence, and the Internet of Things to leverage its advantages.

Lenovo's global PC shipments rose 12 percent to 72.7 million last year from 2019, giving it a 24 percent market share, according to IDC data. Following Lenovo were Hewlett-Packard, Dell Technologies, Apple, and Acer.

Editor: Emmi Laine