HONG KONG: Shares of Lenovo, the world's No. 4 PC brand, rose by more than 3 percent to a one-week intraday high after reporting second-quarter earnings on Thursday that blew past expectations.

However, by 0215 GMT, it had pared most of its gains and was trading flat at HK$4.44 ($0.57), lagging the almost 2 percent advance on Hong Kong's benchmark Hang Seng .HSI index.

"In the PC industry on a whole, we're all just looking for reasons to explain why stocks are going to fall," said Robyn Hsu, a fund manager who overlooks over T$20 billion ($615 million) on behalf of Capital Investment Trust in Taipei.

"PC stocks have climbed a lot this year, and I really cannot see many situations that can possibly push them up much further."

Lenovo shares have roughly doubled so far this year, far outpacing the 50 percent rise on the Hang Seng.

July-September net profit at Lenovo more than doubled to $53.08 million, the company said on Thursday, well ahead of market forecasts and prompting some analysts to declare the worst over for the PC firm.

It also saw shipments climb by over 18 percent in the third quarter over a year ago, research firm IDC said in October, outperforming bigger rivals HP and Dell, but lagging Acer.