Here's Why Lenovo Stock Crashed In Hong Kong Today

Lenovo Group Limited LNVGY saw its share price drop as much as 17% in Hong Kong on Monday after the company announced that it would withdraw its RMB 10 billion (approximately $1.5 billion) application to the Shanghai Star Market. 

What Happened: According to a report from The Business Times, the Chinese company said its withdrawal stemmed from the fact that the validity of the financial information from its prospectus may have lapsed during the application's vetting process. The company did not elaborate on the issue. 

What this Means: The resulting plunge in Lenovo's stock price means that the company has seen its biggest intra-day decline in over 10 years, though Lenovo did issue a statement saying that its financial health was in no way affected. 

"The group's business operations are in good condition as usual. The withdrawal of the application is not expected to give rise to any adverse impact on the financial positions of the group," the company said in an official statement on Sunday, as reported by The Business Times. 

The company is the world's largest personal computer manufacturer and competes with the likes of Dell Technologies Inc DELL and Hewlett-Packard Inc HPQ in the lower-priced segment, and Apple Inc. AAPL.

The dip in Lenovo came even as tech giants including Alibaba Group Holding Ltd. BABA shot up significantly in Hong Kong on Monday amid optimism surrounding the country's crackdown on the tech sector coming to an end.