Lenovo's stock-like American depositary receipts opened a little lower on Friday after the PC maker reported that CEO Yang Yuanqing trimmed his ownership stake in the business.
Yang sold 29 million shares, lowering his stock holdings from 9.32 percent to 9.04 percent, Bloomberg News reported. Yang reaped $26 million (U.S. currency) from the sale.
"The share price has gone up quite a bit in the past few months, and Yang might be looking to pocket some gains," Louis Tse of VC Brokerage in Hong Kong told Bloomberg. Lenovo shares have risen 39 percent on the Hong Kong stock exchange this year.
Lenovo is based in China but has an executive headquarters in Morrisville that employs about 2,000 workers.
Lenovo's American depositary receipts were were trading at $18.54, down 32 cents, Friday morning.
The company has been the fastest-growing major producer of PCs for 12 consecutive quarters and is on the verge of becoming the undisputed No. 1 PC maker worldwide. Depending on which research firm you consult, Lenovo was either the No. 2 or No. 1 PC maker worldwide in the third quarter, up from No. 7 four years ago.
David Ranii has been a business reporter at The News & Observer since 1993. Over the years he has covered information technology, banking, insurance, the pharmaceutical and biotechnology industries, media businesses and real estate. Contact him at 919-829-4877 or