December 10, 2012 / 2:55 AM / 5 years ago

Lenovo Group's parent plans China IPO as early as 2014: report

SHANGHAI (Reuters) - Legend Holdings, the parent company of personal computer maker Lenovo Group, plans to list in China’s A-share market sometime between 2014 and 2016, China Business News quoted the firm’s chairman as saying.

Legend Holdings, which also owns private equity fund Hony Capital, venture capital firm Legend Capital and real estate firm Raycom, will invest around 20 billion yuan ($3.2 billion) by 2014 to develop its businesses, Chairman Liu Chuanzhi told the paper.

Legend Holdings is 36 percent owned by the Chinese Academy of Sciences, an institution under the State Council, while private investment firm China Oceanwide Holdings Group owns 20 percent.

Lenovo, which is on track to become the world’s largest PC maker reported last month a 12.6 percent rise in quarterly net profit, its slowest profit growth in more than two years, as its revenue mainstay, PCs, cede ground to tablets. ($1 = 6.2301 Chinese yuan)

Reporting by Melanie Lee; Editing by Edwina Gibbs

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