(Yicai Global) Feb. 27 -- Lenovo Group has denied allegations made by Bucephalus Research Partnership that the Chinese tech firm has committed accounting fraud.

"We have seen that a research company has tweeted, ahead of publishing a report, with comments that contain misleading statements on Lenovo's financial reporting," the Beijing-headquartered firm told Yicai Global today.

Bucephalus tweeted that it had finished its latest report on Lenovo, saying "its starting to look like fraud" (sic). The third-quarter results had "worrying signs and that was before the virus took hold," it added, pledging to upload a supporting video on YouTube today.

"We were not contacted directly by the company as part of the report, nor have we seen the report but believe the claims have no foundation. Lenovo is a global publicly traded company on the Hong Kong stock exchange and our financials are transparent and prepared in full compliance with international accounting standards," it added.

Shares in Lenovo [HKG:0992] slumped 5.73 percent to HKD5.10 (65 US cents) yesterday, and had slid another 1 percent to HKD5.05 as of 10.01 a.m. today.

Lenovo unveiled its earnings for its fiscal third quarter ended Dec. 31 on Feb. 20, claiming revenue grew 0.48 percent, rising for the 10th straight quarter to USD14.1 billion as net profit soared 11 percent to USD258 million.

Bucephalus, with the slogan 'exposing creative accounting,' is based in Hong Kong Special Administrative Region and has accused the likes of Ford Motor, General Electric, IBM and Tesla of fiddling their books, as well as China's Anta Sports Products, Baidu and Tencent Holdings.

Editor: James Boynton