China’s Lenovo takes aim at mobile Internet space

BEIJING, March 3 (BestGrowthStock) – China’s Lenovo (0992.HK: ), the world’s No. 4 PC
maker, said on Wednesday it will develop more products this year for the mobile
Internet, attempting to gain ground after a late start into the hot smartphone
space.

Lenovo entered the mobile phone segment last year when it repurchased the
mobile unit it sold off less than two years earlier. It had originally sold off
the unit to focus on its core PC business, but made the repurchase in a nod to
the growing convergence between smartphones and PCs.

Lenovo CEO Yang Yuanqing also said that Lenovo is aiming to gain market
share in its home China market, where it now controls about a third of the
market, as it seeks to return to its roots as an emerging market specialist
following its disastrous purchase of IBM’s (IBM.N: ) PC assets.

“The Chinese market is growing very fast,” he said, speaking to reporters on
the sidelines of the opening session of the annual Chinese People’s Political
Consultative Conference. “I’m confident we can grow our market share.”

Lenovo previously said its China sales jumped 41 percent in the quarter
through December, as it and its peers benefitted from China’s 4 trillion yuan
($585 billion) stimulus spending package, partly aimed at encouraging the public
sector and rural consumers to buy more electronic products.

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(Reporting by Michael Wei; Writing by Doug Young; Editing by Ken Wills)

China’s Lenovo takes aim at mobile Internet space