Legend Holdings Announces Board Changes, New Strategy
China News, 9/08/09
China Oceanwide Holdings Group (COHG) has become the third largest shareholder in Legend Holdings, parent company of Chinese computer manufacturer Lenovo (0992.HK), in a deal valued at RMB 2.76 bln. Legend Holdings chairman Zeng Maochao has announced a new list of names on the board of directors, including Liu Chuanzhi, Deng Maicun, Lu Zhiqiang and Zhu Linan, as well as Zeng himself. Liu Chuanzhi will replace Zeng as chairman of the board.
Legend Holdings plans to invest RMB 10 bln over the next five years in clean energy and environmental protection, new materials, financial services and industries related to its own businesses.
Editor’s Note: Liu Chuanzhi, newly appointed chairman and CEO of Legend Holdings, said the company plans to publicly list in the future, most likely on the Hong Kong Exchange since Mainland exchanges do not permit parent and subsidiary companies to list separately. Chen Shaopeng, Lenovo Group senior VP and president of Lenovo's Emerging Markets division, said the company will enter new sectors by the end of this year and no longer remain merely a PC manufacturer, according to Netease Tech. Lenovo is currently looking to pursue mobile Internet, digital home and cloud computing products.
For more background on this topic, please see "China Oceanwide Buys 29% Stake in Legend Holdings" MD 9/04/09 issue.
Keywords: HR cleantech Deng Maicun Zeng Maochao M&A Chen Shaopeng Liu Chuanzhi Lu Zhiqiang Zhu Linan environmental protection hardware Lenovo strategy China Oceanwide Holdings cloud computing Legend Holdings 0992.HK mobile Internet
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