Lenovo Plunges 23% as Tech Wreck Bleeds Into Asia

Oct 05 2018, 2:04 AMOct 05 2018, 2:59 AMOctober 05 2018, 2:04 AMOctober 05 2018, 2:59 AM

(Bloomberg) -- Lenovo Group Ltd. sank the most in almost a decade after Bloomberg reported that China used a tiny chip in a hack that infiltrated almost 30 U.S. companies.

The Chinese PC-maker plunged as much as 23 percent, its biggest loss since January 2009, in Hong Kong trading.

"Apparently the shares plunge is due to the Bloomberg report on chip hack," said Ray K W Kwok, an analyst at CGS-CIMB Securities Hong Kong Ltd. "Electronics produced in China may be viewed unsafe due to this news and tech shares are falling in general because of that."