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Legend broadens scope for long-term investment

BEIJING-BASED Legend Holdings Ltd, the parent firm of China's biggest computer maker Lenovo Group Ltd, will pour 10 billion yuan (US$1.47 billion) within five years into corporate investment, the company said today in Beijing.

Legend also confirmed that China Oceanwide Holdings Group Co, a company with holdings in real estate, finance and energy, bought a 29 percent stake in Legend from the Chinese Academy of Science for 2.76 billion yuan (US$404 million).

Legend will mainly invest in five sectors such as clean energy, environmental protection, new materials, high-tech and finance, said Liu Chuanzhi, president and chairman of Legend, who is also the founder of Lenovo.

"We hope to become a investment-holding firm with long-term vision and contribute to corporate management improvement and technology development," said Liu in a Beijing conference broadcast by

Legend also aims to seek listing in future, said Liu without providing more details.

After the stake sale, Legend will remain 36 percent held by the academy and 35 percent held by early employees of the company.

The stake sales won't influence the business and operation of Lenovo, the world's No. 4 personal computer maker, as Oceanwide doesn't own seats in Lenovo's board.

Legend is one of the investors in a new fund of 800 million yuan called Innovation Works, which will be operated by former Google China head Kai-fu Lee.



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