By Yifan Wang

China's securities regulator said China International Capital Corp. had failed to conduct proper due diligence during Lenovo Group Ltd.'s application for a Shanghai listing.

The financial company, known as CICC, relied predominantly on materials provided by Lenovo and didn't obtain enough evidence to support the personal computer maker's disclosures, said China Securities Regulatory Commission in a statement posted late Wednesday.

The CSRC said it summoned five CICC bankers for regulatory review last week and has given the firm two months to apply for a review of the regulatory findings, or six months to file a law suit against the findings to local courts.

CICC didn't immediately respond to a request for comment.

The regulatory rebuke came after officials earlier this year tightened listing requirements for the Star Market in Shanghai.

Lenovo, the world's largest personal computer maker, had planned to list on the Star Market but in October withdrew its listing application, citing market conditions.

The Star Market was an effort to provide a faster, more market-based fundraising base for China's homegrown technology champions. But as authorities sought to rein in China's private tech sector, share sales on the Star Market have faced heightened scrutiny.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

12-30-21 0200ET