Lenovo investor to sell 292 mn shares - sources

HONG KONG: A major shareholder in China's Lenovo, the world's No. 4 PC maker, plans to sell 292 million shares at HK$3.55-3.57 per share, according to sources with knowledge of the deal, a discount of 2.5-3 percent from Tuesday's close.

That would represent 3.2 per cent of Lenovo shares, which closed at HK$3.660 on Tuesday and have surged 73 per cent this year.

Earlier on Tuesday, Lenovo's parent Legend Holdings said it would invest 10 billion yuan (US$1.5 billion) over the next five years on areas including clean energy, environmental protection, new materials, high-tech, financial services and consumer goods.

That followed news on Friday that China Oceanwide Holdings Group, a private investment firm, would take a 29 percent stake in Legend. China Oceanwide bought the stake from the asset management unit of the Chinese Academy of Sciences which previously had a 65 percent stake in Legend but aims to reduce it to less than 35 percent by 2010.