Legend plans float to raise US$1.9b in HK
Print Edition
LEGEND Holdings Corp, parent company of the world’s largest PC maker Lenovo, said it will raise up to US$1.94 billion in an IPO scheduled for June 29 on the Hong Kong stock exchange.
Other than being the largest shareholder of PC and smartphone maker Lenovo Group, Legend Holdings Corp has also invested in real estate, finance, agriculture, services and chemicals.
The Beijing-based investment company aims to sell a total of 35,294 million shares at a price range between HK$39.80 (US$5.13) and HK$43, the company said yesterday.
Legend said it will use more than half of the funding raised in the IPO to boost strategic investments and acquisitions in consumer and service-related sectors.
The company was founded in 1984 by its current Chairman Liu Chuanzhi and 10 other researchers with 200,000 yuan from the government think tank Chinese Academy of Sciences. It has a 30.6 percent stake in Lenovo, which is the world’s largest PC maker and third-largest smartphone company.
The company also runs venture capital fund Legend Capital and private equity firm Hony Capital.
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