Lenovo May Float On NASDAQ

Written by Adam Gosling

Monday, 13 March 2006

According to a report by the China Daily, major PC company may float on a US Stock Exchange following its acquisition of the IBM PC business. The company, which moved its head office to New York after taking over the IBM’s PC division last year is considering listing in the US according to reports. Legend Holdings Ltd, the parent company which owns the Lenovo Group has ruled out selling shares on China's domestic stock market. Chairman Liu Chuanzhi is reported to have expressed an interest in an overseas listing saying: "In order to attract more interest from international investors, we are considering a listing in the US." The PC company can’t sell shares to mainland China investors while maintaining its listing on the Hong Kong stock exchange where its share price continues to fall. The Lenovo shares are now at a seven-month low having lost 15 per cent this year in a rising market. Lenovo moved its headquarters to New York last year after paying US $1.25 billion for IBM’s PC division catapulting the company from about 7th position to become the world’s third largest PC vendor. Much of the company’s strength prior to the acquisition was on the Chinese mainland, but the company plans to expand its overseas business beyond the traditional IBM corporate user base. Lenovo branded PCs, targeting the small business sector are currently being launched worldwide including Australia. Related news items Seven In Unwired Takeover Bid -26/09/2007 Nokia E51: Smarter Than It Looks -19/09/2007 Telstra Launches Another Coonan Attack -12/09/2007 Pretty Paintjobs Delaying Dell Notebooks -27/08/2007 Doh! Phone Pirate Could Get Five Years -17/08/2007 Newer news items iiNet Hammered On Return To Trading -29/05/2006 Nokia’s Strategy For Browser Dominance -28/05/2006 Nokia The Most Trusted Phone Brand: Reader’s Digest -28/05/2006 Big Nokia Graphics Deal For ATI -04/05/2006 BlackBerry Service Faces Fresh Threat -01/05/2006 Older news items SAMSUNG TO SUE HITACHI, TATUNG & SAMPO -12/02/2006 RECORD MOBILE PHONE CALLS -24/01/2006 PANASONIC ABANDONS GSM -12/12/2005 DESTRA TO SELL MUSIC FOR PHONES -27/11/2005 MOTO, INTEL COLABORATE ON WiMax -27/10/2005 Tag This Now: