Lenovo Group Limited, trading as Lenovo (/lnovo/ l-NOH-voh, Chinese: ; pinyin: Linxing), is a Chinese[8] multinational technology company specializing in designing, manufacturing, and marketing consumer electronics, personal computers, software, business solutions, and related services.[5] Products manufactured by the company include desktop computers, laptops, tablet computers, smartphones, workstations, servers, supercomputers, data storage devices, IT management software, and smart televisions. Its best-known brands include its ThinkPad business line of laptop computers (acquired from IBM), the IdeaPad, Yoga, LOQ, and Legion consumer lines of laptop computers, and the IdeaCentre, LOQ, Legion, and ThinkCentre lines of desktop computers. As of 2024,[update] Lenovo is the world's largest personal computer vendor by unit sales.[9]
Lenovo has operations in over 60 countries,[10] and sells its products in around 180 countries.[11] It was incorporated in Hong Kong,[2] with global headquarters in Beijing, and Morrisville, North Carolina, United States.[3][4] It has research centres in Beijing, Chengdu, Yamato (Kanagawa Prefecture, Japan), Singapore, Shanghai, Shenzhen, and Morrisville,[5] and also has Lenovo NEC Holdings, a joint venture with NEC that produces personal computers for the Japanese market.
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Lenovo was founded in Beijing on 1 November 1984 as Legend by a team of engineers led by Liu Chuanzhi and Danny Lui. Initially specializing in televisions, the company migrated towards manufacturing and marketing computers.
The organizational structure of the company was established in 1985 after the Chinese New Year. It included technology, engineering, administrative, and office departments.[12] The group first attempted to import televisions but failed. It rebuilt itself as a company doing quality checks on computers. It also tried and failed to market a digital watch.[16]
In May 1988, Lenovo placed its first recruitment advertisement on the front page of the China Youth News. Such ads were quite rare in China at the time. Out of the 500 respondents, 280 were selected to take a written employment exam. 120 of these candidates were interviewed in person. Although interviewers initially only had the authority to hire 16 people, 58 were given offers. The new staff included 18 people with graduate degrees, 37 with undergraduate degrees, and three students with no university-level education. Yang Yuanqing, the current chairman and CEO of Lenovo, was among that group.[12]
Liu Chuanzhi received government permission to form a subsidiary in Hong Kong and to move there along with five other employees. Liu's father, already in Hong Kong along with Lui, furthered his son's ambitions through mentoring and facilitating loans. Liu moved to Hong Kong in 1988. To save money during this period, Liu and his co-workers walked instead of taking public transportation. To keep up appearances, they rented hotel rooms for meetings.[12]
In 1990, Lenovo started to manufacture and market computers using its own brand name.[16] Some of the company's early successes included the KT8920 mainframe computer.[12] It also developed a circuit board that allowed IBM-compatible personal computers to process Chinese characters.[16]
Lenovo (known at the time as Legend) became publicly traded after a 1994 Hong Kong IPO that raised nearly US$30 million[17] at HK$1.33 per share.[18] Prior to the IPO, many analysts were optimistic about Lenovo. On its first day of trading, the company's stock price hit a high of HK$2.07 and closed at HK$2.00 suggesting an initial under-valuing of the company. Proceeds from the offering were used to finance sales offices in Europe, North America and Australia, to expand and improve production and research and development, and to increase working capital.[12]
By 1996, Lenovo was the market leader in China and began selling its own laptop.[17] By 1998 it held 43 per cent of the domestic computer market share in China, selling approximately one million computers.[17]
Lenovo released its Tianxi () computer in 1998. Designed to make it easy for inexperienced Chinese consumers to use computers and access the internet, one of its most important features was a button that instantly connected users to the internet and opened the Web browser. It was co-branded with China Telecom and it was bundled with one year of Internet service. The Tianxi was released in 1998. It was the result of two years of research and development. It had a pastel-colored, shell-shaped case and a seven-port USB hub under its screen. As of 2000, the Tianxi was the best-selling computer in Chinese history. It sold more than 1,000,000 units in 2000 alone.[19]
To fund its continued growth, Lenovo issued a secondary offering of 50 million shares on the Hong Kong market in March 2000 and raised about US$212 million.[12] It rebranded to the name Lenovo in 2003 and began making acquisitions to expand the company.[17]
Lenovo acquired IBM's personal computer business in 2005, including the ThinkPad laptop and ThinkCentre desktop lines.[20] Lenovo's acquisition of IBM's personal computer division accelerated access to foreign markets while improving Lenovo's branding and technology.[21] Lenovo paid US$1.25 billion for IBM's computer business and assumed an additional US$500 million of IBM's debt. This acquisition made Lenovo the third-largest computer maker worldwide by volume.[22] Lenovo's purchase of the Think line from IBM also led to the creation of the IBM/Lenovo partnership, which works together in the creation of Think-line of products sold by Lenovo.
On the purchase of IBM's personal computer division, Chuanzhi said in 2012: "We benefited in three ways from the IBM acquisition. We got the ThinkPad brand, IBM's more advanced PC manufacturing technology and the company's international resources, such as its global sales channels and operation teams. These three elements have shored up our sales revenue in the past several years."[22] The employees of the division, including those who developed ThinkPad laptops and Think Centre desktops, became employees of Lenovo.
Despite Lenovo acquiring the "Think" brand from IBM, IBM still plays a key indirect, background role in the design and production of the Think line of products. Today, IBM is responsible for overseeing servicing and repair centers, and is considered an authorized distributor and refurbisher of the Think line of products produced by Lenovo.[23]
IBM also acquired an 18.9% share of Lenovo in 2005 as part of Lenovo's purchase of IBM's personal computing division.[24] In the years following the deal, IBM sold their stake in Lenovo, with a final sale in 2011 completing their divestment.[25]
Mary Ma, Lenovo's chief financial officer from 1990 to 2007, was in charge of investor relations. Under her leadership, Lenovo successfully integrated Western-style accountability into its corporate culture. Lenovo's emphasis on transparency earned it a reputation for the best corporate governance among mainland Chinese firms. While Hong Kong-listed firms were only required to issue financial reports twice per year, Lenovo followed the international norm of issuing quarterly reports. Lenovo created an audit committee and a compensation committee with non-management directors. The company started roadshows twice per year to meet institutional investors. Ma organized the first-ever investor relations conference held in mainland China. The conference was held in Beijing in 2002 and televised on China Central Television (CCTV). Liu and Ma co-hosted the conference and both gave speeches on corporate governance.[12]
Lenovo sold its smartphone and tablet division in 2008 for US$100 million in order to focus on personal computers and then paid US$200 million to buy it back in November 2009.[26] As of 2009[update], the mobile division ranked third in terms of unit share in China's mobile handset market.[27] Lenovo invested CN100 million in a fund dedicated to providing seed funding for mobile application development for its LeGarden online app store. As of 2010, LeGarden had more than 1,000 programs available for the LePhone. At the same time, LeGarden counted 2,774 individual developers and 542 developer companies as members.[28]
On January 27, 2011, Lenovo formed a joint venture to produce personal computers with Japanese electronics firm NEC. The companies said in a statement that they would establish a new company called Lenovo NEC Holdings, to be registered in the Netherlands. NEC received US$175 million in Lenovo stock. Lenovo was to own a 51% stake in the joint venture, while NEC would have 49%. Lenovo has a five-year option to expand its stake in the joint venture.[29]
This joint venture was intended to boost Lenovo's worldwide sales by expanding its presence in Japan, a key market for personal computers. NEC spun off its personal computer business into the joint venture. As of 2010, NEC controlled about 20% of Japan's market for personal computers while Lenovo had a 5% share. Lenovo and NEC also agreed to explore cooperating in other areas such as servers and tablet computers.[30]
In June 2011, Lenovo announced that it planned to acquire control of Medion, a German electronics manufacturing company. Lenovo said the acquisition would double its share of the German computer market, making it the third-largest vendor by sales (after Acer and Hewlett-Packard). The deal, which closed in the third quarter of the same year, was claimed by The New York Times as "the first in which a Chinese company acquired a well-known German company."[32]
This acquisition will give Lenovo 14% of the German computer market. Gerd Brachmann, chairman of Medion, agreed to sell two-thirds of his 60 per cent stake in the company. He will be paid in cash for 80 per cent of the shares and will receive 20 per cent in Lenovo stock. That would give him about one per cent of Lenovo.[32]
In September 2012, Lenovo agreed to acquire the Brazil-based electronics company Digibras, which sells products under the brand-name CCE, for a base price of R$300 million (US$148 million) in a combination of stock and cash. An additional payment of R$400 million was made dependent upon performance benchmarks.[33][34] Prior to its acquisition of CCE, Lenovo already established a $30 million factory in Brazil, but Lenovo's management had felt that they needed a local partner to maximize regional growth. Lenovo cited their desire to take advantage of increased sales due to the 2014 World Cup that would be hosted by Brazil and the 2016 Summer Olympics and CCE's reputation for quality.[35] Following the acquisition, Lenovo announced that its subsequent acquisitions would be concentrated in software and services.[36] 152ee80cbc
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