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September 9, 2009

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Legend details 5-year scheme for investment

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

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 Sciences for 2.76 billion yuan.

Legend will mainly invest in five sectors - clean energy, environment protection, new materials, high-tech and finance, said Liu Chuanzhi, president and chairman of Legend, and 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 at a conference broadcast on

Legend also aims to be listed in the future, said Liu.

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

Besides Lenovo, Legend also has private-equity and venture-capital vehicles called Hony Capital and Legend Capital.

From 2004 to 2008, a total of 71 firms invested by VC and PE were listed in the Shenzhen Small and Medium Enterprise Board.

The average profit was 84.2 million yuan, 2.7 times that of 2004, despite the global finance crisis, according to investment consultancy Zero2IPO.

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


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