Lenovo Group Limited (Sehk - 0992, OTCBB - LNVGY) ( ) is a multinational computer technology corporation that develops, manufactures and markets desktops and notebook personal computers, workstations, servers, storage drives, IT management software, and related services. Incorporated as Legend in Hong Kong in 1988, Lenovo's executive headquarters are in Research Triangle Park, North Carolina, United States. Lenovo's principal operations are currently located in Beijing, Morrisville, North Carolina in the United States, and Singapore, with research centers in those locations, as well as Shanghai, Shenzhen, Xiamen, and Chengdu in China, and Yamato in Kanagawa Prefecture, Japan.
Lenovo acquired the former IBM PC Company Division, which marketed the ThinkPad line of notebook PCs, in 2005 for approximately $1.75 billion.
In Q2 2011, Lenovo was the third largest vendor of personal computers in the world. For the year ending with third quarter 2010, its market share increased from 8.6 percent to 10.4 percent. The company is the largest seller of PCs in China, with a 28.6% share of the China market, according to research firm IDC in July, 2009. It reported annual sales of $14.9 billion for the fiscal year ending 2008/2009 (ending March 31, 2009).
Lenovo markets its products directly to consumers, small to medium size businesses, and large enterprises, as well as through online sales, company-owned stores (in China only), chain retailers, and major technology distributors and vendors.
On September 4, 2009, Oceanwide Holdings Group, a private investment firm based in Beijing, bought 29% of Legend Holdings, the parent company of Lenovo, for 2.76 billion yuan ($404.1 million). Legend Holdings is the asset management unit of the Chinese Academy of Sciences.
On November 27, 2009, Lenovo Group announced its intention to purchase Lenovo Mobile Communication Technology. Lenovo Mobile now ranks No.3 in China’s mobile handset market.
On January 27, 2011, Lenovo formed a PC joint venture with Japanese PC maker NEC. As part of the deal, the companies said in a statement they will establish a new company called Lenovo NEC Holdings B.V., which will be registered in the Netherlands. NEC will receive US$175 million from Lenovo through the issuance of Lenovo's shares. Lenovo, through a unit, will own a 51% stake in the joint venture, while NEC will hold a 49% stake.