Lenovo resumes trading after IBM share sale
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(InfoWorld) - Shares in Lenovo Group resumed trading on Wednesday, after being temporarily suspended due to theÂ sale of 300 million shares by IBM, the PC company's second-largest shareholder. In a filing to the Hong Kong stock exchange, Lenovo said IBM was expected to complete the sale of the shares today at a price of HK$3.20 (US$0.41) per share -- a discount of 7 percent to the share's closing price on Monday and the same price of the shares when trading was suspended at Lenovo's request on Tuesday. Lenovo's shares were trading at HK$3.23 on Wednesday morning, local time. The shares sold by IBM represent 3.5 percent of Lenovo's outstanding shares and are worth HK$960 million. The sale reduces IBM's share in Lenovo from 14.7 percent to 11.3 percent. IBM remains the company's second-largest shareholder behind parent company Legend Holdings Ltd. The sale of shares by IBM will boost the percentage of Lenovo's stock held by public investors from 34.2 percent to 36.7 percent, the filing said. Legend Holdings' stake will also increase from 41.9 percent to 42.4 percent, it said. IBM has steadily been selling down its stake in Lenovo, whichÂ acquired IBM's PC divisionÂ in 2005. Despite the sale of shares, the two companies remain close partners. On Tuesday, LenovoÂ announced an end-user services agreementÂ with IBM that could be worth $245 million in revenue for IBM over the next five years.
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US stocks rebounded on Monday after IBM surprised the market with some better than expected preliminary quarterly earnings but retailers remained under pressure after a profit warning at Sears.
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Lenovo Group Ltd. (0992.HK), the  world&#039;s third-largest computer maker, swung to a much  sharper-than-expected loss in the fourth quarter, after paying  &#36;1.25 billion for IBM&#039;s  PC arm in 2005.
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IBM is reducing its ownership of Lenovo, from a 13% share to around 10%, as Lenovo also announced that IBM will provide service and support to Lenovo's customers.
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(InfoWorld) - Lenovo GroupÂ on Thursday reported a jump in third-quarter profits, even as its turnover during the period remained flat compared to one year ago. Lenovo reported a profit attributable to shareholders of $57.7 million on sales of $4 billion during its fiscal third quarter, which ended on Dec. 31, 2006. That's a 23 percent increase in profits compared to the same period during the previous fiscal year, whenÂ Lenovo reported a profitÂ of $46.8 million on sales of $4 billion, the company said in a filing with the Hong Kong stock exchange. On a sequential basis, the results show good news for Lenovo. The company saw its profit fall by 53 percent during the first half of its fiscal year -- from $91.2 million to $43.1 million -- compared to the year-ago period. Lenovo's PC shipments during the quarter increased 8 percent over the previous year, outpacing the industry average, which the company pegged at 7 percent, the filing said. As usual,Â China was a strong marketÂ for Lenovo, with PC shipments up 19 percent. The company also saw shipments rise by 3 percent in Europe, the Middle East and Africa. But Lenovo's PC shipments slipped 4 percent in North and South America due to weaker demand from large companies. Shipments fell by 1 percent in the Asia-Pacific region, excluding China, Hong Kong and Taiwan. Around 52 percent of Lenovo's revenue came from notebook PCs, as unit shipments rose 20 percent over the previous year, Lenovo said in a press statement. Desktop shipments rose 2 percent, contributing 43 percent of the company's total revenue. The remainder of Lenovo's revenue came from the sale of mobile phones, which contributed 4 percent of revenue. Handset shipments fell by 6 percent compared to the previous year, Lenovo said.
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IBM, the pioneer of the personal computer, is selling its PC hardware business to Chinese firm Lenovo.
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US computer giant IBM Corp plans to sell a substantial part of its stake in China's Lenovo, the world's third-largest personal computer group, raising up to 990 million Hong Kong dollars (127 million US).
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Stocks rebounded on Monday from last week's losses after tech bellwether IBM  posted upbeat preliminary quarterly results, spurring a broad rally in technology shares.
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HONG KONG/SAN FRANCISCO  - IBM is selling its  PC-making business to China's largest personal computer  company, Lenovo Group Ltd., for $1.25 billion, marking the U.S.  firm's retreat from an industry it helped pioneer in 1981.
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Lenovo Group Ltd., a Chinese technology giant that has agreed to buy IBM's personal computer division, reported Friday a slight rise in net profit in its fiscal third quarter, citing lower revenue despite strong sales of notebook computers.
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U.S. computer firm IBM  raised  US$123 million by selling about 3.5 percent of number three  global PC maker Lenovo Group Ltd. (0992.HK), a term sheet  showed, triggering a 7 percent share slide before a suspension  kicked in.
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The Lenovo Group, the personal computer maker, said its profit rose more than 600 percent in its latest fiscal year as it increased sales and restructured after its acquisition of I.B.M.âs PC unit. Profits were $161 million for the year, up from $22 million in the prior year. The Americas operations returned to profitability in the fourth quarter, meaning that all the global regions were profitable for the first time, the chief executive, William J. Amelio, said. Sales for the year, which ended March 31, rose 9.9 percent, to $14.6 billion, helped by strong sales of laptop and desktop computers in its home China market, Lenovo said. The company said its worldwide market share rose 0.2 percentage points, to 7.4 percent.
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BEIJING - China&#39;s biggest computer maker, Lenovo Group Ltd., said late yesterday that it has acquired a majority stake in IBM Corp.
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Investor's Business Daily - IBM exceeded analysts&#39; second-quarter earnings forecasts Wednesday on strong software sales, driving up its stock price 3% in after-hours trading.
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NEW YORK, December 8  - International Business Machines (IBM.NYS) has decided to sell its personal computers business to Chinaâs Lenovo Group for $1.75 billion in a cash and stock deal.
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IBM is selling its PC hardware business to number one Chinese computer maker Lenovo.
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IBM is expected to announce Tuesday after the close of the market an historic pact to sell its $11.5 billion PC business to China PC giant Lenovo, sources said.