Lenovo shares plummet 13 per cent in Hong Kong trade
February 04, 2014 00:00
HONG KONG - Shares in Chinese technology giant Lenovo slumped 13.82 percent in early Hong Kong trade Tuesday, after it agreed to buy struggling handset maker Motorola from Google for $2.91 billion.
The firm dived to HK$8.67, extending a more than eight percent slump on Thursday before the market closed for the Lunar New year holiday. Wednesday's deal-- which came a week after Lenovo bought IBM's low-end server business for $2.3billion -- has spooked investors worried about Motorola's profitability.