An executive from China's PC giant Lenovo denied on Wednesday rumors that the company has any interest in buying the ailing Finnish cellphone maker Nokia.

Dismissing the rumors, Gianfranco Lanci, president for Lenovo's operations in Europe, Middle East and Africa, said: "It [the rumors] must be a joke," and stressed that "there's nothing ongoing" between the company and Nokia.

Nokia's shares jumped by 17 percent in heavy volumes amid the rumored buyout, but gains slipped after Lanci's statement.

The struggling company's shares have plummeted by more than 70 percent since it announced a strategy adjustment in February 2011. There was sporadic speculation throughout the year regarding potential buyers, including Samsung and Microsoft.

Earlier, Nokia reported losses of about US$1.7 billion for the 2nd quarter of 2012.