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Lenovo's parent company planning IPO

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Lenovo Group's parent company, Legend Holdings, plans to make a public stock offering on China's A-share market as early as 2014, Reuters reported based on quotes from the company's chairman published in China Business News.

Legend Holdings Chairman Liu Chuanzhi told the Chinese publication that the company, which also owns a private equity fund, a venture capital firm and a real estate firm, will list sometime between 2014 and 2016, Reuters reported. The A-share market includes stocks that trade on the Shanghai and Shenzhen exchanges, are incorporated in mainland China and are denominated in renminbi.  

Chuanzhi told China Business News that the company will invest about $3.2 billion by 2014 to develop its business, according to Reuters.

Lenovo has an executive headquarters in Morrisville that employs about 2,000 workers and has been the fastest-growing major producer of PCs for 12 consecutive quarters. The company entered the U.S. market when it acquired IBM's PC business in 2005.

Lenovo recently announced plans to manufacture PCs in the United States by adding a manufacturing line - and 115 jobs - at its distribution center in Guilford County.

Legend Holdings has about 34 percent of ownership in the computer maker, according to a Lenovo company fact sheet. Lenovo has been listed on the Hong Kong Stock Exchange since February 1994 and is 58 percent held by public shareholders, the fact sheet states.

Staff writer Jeanna Smialek

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About the blogger

Business reporter David Bracken came to the N&O in 2004. He covers commercial and residential real estate. Contact David at 919-829-4548 or e-mail him.
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