Lenovo Group
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Lenovo Group Limited (联想集团有限公司), formerly known as Legend Group Limited, is the largest personal computer manufacturer in the People's Republic of China, and as of 2004 is the eighth largest in the world. Along with PCs, Lenovo sells servers, handheld computers, imaging equipment, and mobile phone handsets. Lenovo also provides information technology integration and support services, and its QDI unit offers contract manufacturing. Hoping to reach the many Chinese not yet online, Lenovo also offers Internet access through its FM365.com portal.
In December 2004, Lenovo announced its intent to acquire the PC division of IBM, the U.S.-based multinational corporation which once had a virtual monopoly on personal computers. Lenovo hopes to expand into Western markets to become the third largest PC maker worldwide. Prior to the acquisition, Lenovo already controls 27% of the Asian computer market, largely due to its ability to sell computers cheaply and China's high tariffs on imports. Lenovo paid 1.25 billion United States dollars to IBM, of which 650 million were paid in cash and 600 million were in Lenovo stock.
On March 9 2005, it was announced that the Committee on Foreign Investment in the United States has completed its review of the deal. IBM and Lenovo completed the deal on 1 May 2005 [1].
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Ownership structure
Legend Group Holdings, which is controlled by the Chinese government, owns a majority stake in Lenovo.
Financial information
Its 2003 revenue was US$2.59 billion, which was less than U.S. PC vendors like IBM (92.84B), Hewlett-Packard (78.37B), Dell (45.38B), and Apple (6.2B).
In March 2005, the company announced that it intended to list its stock on the New York Stock Exchange. [2]
Stock
Listings
Indicies
See [3]
- Hang Seng Index (August 2000) (HKSE: 0992)
- Hang Seng London Reference Index (September 2000)
- Morgan Stanley Capital International ("MSCI") China Free Index (June 2000)