Legend Considers New Businesses
联想控股有限公司作为联想集团有限公司的母公司而为人熟知，联想集团拥有ThinkPad笔记本电脑品牌。如今，联想控股与一家中国集团达成的一项新交易或许预示着，联想控股正打算以一种不同寻常的北欧模式在中国企业投资领域发挥更大作用。中国泛海控股集团上周五宣布，将斥资4.04亿美元从中国科学院处收购联想控股29%的股权。泛海集团的业务横跨房地产金融和能源等领域。预计这笔股权交易不会对联想控股创立的联想集团带来明显影响。但据知情人士透露，这笔交易可能为联想控股成为一个广泛的企业投资控股公司铺平道路，联想控股将在某些方面以瑞典银瑞达集团(Investor AB)为模板进行转型。预计联想控股周二会在北京召开新闻发布会，讨论公司未来的战略方向。银瑞达集团是瑞典沃伦博格(Wallenberg)家族控股的投资工具，是瑞典一家重要投资集团，持有瑞典国内外一些重要公司的股份，其中包括制药商阿斯利康(AstraZeneca)以及手机厂商爱立信(Telefon AB L.M. Ericsson)。银瑞达集团还将相当数量的资金投向了直接投资以及私募和风险投资基金。据知情人士透露，联想控股希望在联想集团的基础上，通过直接投资其他产业，形成自己的核心资产。该人士称，联想控股最终还可能寻求上市。联想控股还通过旗下私募和风投工具──弘毅投资和联想投资拥有金融业务。前谷歌(Google)大中华区总裁李开复周一宣布成立一个规模1.15亿美元的投资基金创新工场，联想控股是该基金的投资人之一，这是联想控股继续活跃于风险投资领域的一个迹象。联想控股还持有高盛集团(Goldman Sachs Group)在华合资伙伴北京高华证券有限责任公司的股权。泛海集团是通过北京产权交易所收购联想控股股权的。为了提高交易透明度，允许潜在竞标者的出现，一些国有资产的出售交易必须通过这一交易所进行。在出售上述股权后，中国科学院旗下投资部门中国科学院国有资产经营有限责任公司仍持有联想控股36%的股权，联想控股早期员工持有该公司35%的股权。考虑到泛海集团不被允许影响联想集团的业务或管理层，也不能进入联想集团董事会，预计泛海集团所持联想控股的新股份不会对联想集团产生显著影响。国科控股(CAS Holdings)新闻发言人周传忠日前在接受采访时表示，这项交易将使联想控股的所有权结构更为平衡，通过让其更加以市场为导向提高公司治理。周传忠还说，国科控股计划在2010年前将更多所投资公司的持股都降低到35%以下。目前该公司持有20多家公司的控股权。分析师说，泛海集团是一家民营非上市公司，它有一家建筑子公司在深圳证交所上市。泛海集团和联想控股至少在一点上相同。同联想控股的创始人柳传志一样，泛海集团的创始人董事长卢志强与中华全国工商业联合会(All-China Federation of Industry and Commerce)的关系非常密切，这个联合会是向民营企业贯彻政府政策的一个组织。卢志强曾是山东省的一名政府官员。泛海集团持有中国民生银行(China Minsheng Banking Corp.) 3.1%的股份，卢志强担任该行的副董事长。按资产计，民生银行是中国十大银行之一。泛海集团没有回复置评的请求。联想控股始创于1985年，柳传志当时是中国科学院一名富有创业精神的科学家，最初他是从销售彩电开始，但没有成功。后来，该公司在中国销售国际商用机器公司(IBM)的电脑。联想控股的主要子公司联想集团在2005年因收购IBM的个人电脑业务而在国际上名声大振，这项交易使其获得了ThinkPad笔记本电脑品牌的所有权。这些业务的整合对联想集团来说是一项棘手的工作，公司最近重新将业务重点转回了中国市场。按发货量计，中国是仅次于美国的全球第二大个人电脑市场。今年早些时候，联想集团更换了首席执行长，目前仍处于重组过程中。部分分析师认为，中科院出售联想控股股份的决定可能反映了对个人电脑业未来的悲观看法。摩根大通(J.P. Morgan Chase)驻香港分析师郭晓(Charles Guo)表示，尽管仍在继续增长，但这已不再是令人激动的行业了。他说，中科院出售股份，将资金用于其它投资中很可以理解。个人电脑销售因科技支出下滑而受到打击，最近几个季度还在继续下降。据研究机构国际数据公司(IDC)称，第二季度的全球电脑发货量比上年同期下降了3%。由于电脑厂家纷纷发布低成本笔记本电脑以满足更为节俭的市场的需求，电脑售价也在下滑。Rick Carew / Loretta Chao（更新完成）相关阅读中科院出售所持部分联想控股股权 2009-09-04联想集团与台湾公司签署32.5亿美元采购协议 2009-08-24中科院力促联想控股股权多元化 2009-08-12联想前景模糊不清 2009-08-07联想CFO：公司仍对并购机会持开放态度 2009-08-06 本文涉及股票或公司document.write (truthmeter('2009年09月08日07:18', '0992.HK'));联想集团有限公司（简称：联想集团）英文名称：Lenovo Group Ltd.总部地点：中国大陆上市地点：香港交易所股票代码：0992document.write (truthmeter('2009年09月08日07:18', 'LGDI'));Legend International Holdings Inc.总部地点：澳大利亚(Australia)上市地点：纳斯达克场外电子交易系统股票代码：LGDIdocument.write (truthmeter('2009年09月08日07:18', 'LNVGY'));Lenovo Group Ltd. (ads)总部地点：中国大陆上市地点：美国场外交易粉单市场(Pink Sheet)股票代码：LNVGY
China's Legend Holdings Ltd. is best known as the parent of Lenovo, the company that owns the ThinkPad brand of notebook computers. Now, a new deal with a Chinese conglomerate may signal that Legend is carving out a bigger role in China's corporate landscape with an unusually Scandinavian flavor.On Friday, China Oceanwide Holdings Group Co., a company with holdings in real estate, finance and energy, said it was buying a 29% stake in Legend from the Chinese Academy of Science for $404 million.The stake sale isn't expected to have a big impact on Lenovo Group Ltd., which Legend founded. However, it could pave the way for Legend to become a broader corporate investment-holding company modeled in some ways on Investor AB of Sweden, according to a person familiar with the situation.Legend is expected to discuss its future strategic direction at a news briefing on Tuesday in Beijing.Investor AB, an investment vehicle controlled by the Wallenberg family, is a powerhouse in Sweden, holding stakes in major companies in that country and beyond, including drug maker AstraZeneca PLC and cellphone manufacturer Telefon AB L.M. Ericsson. It also allocates chunks of its portfolio to other direct investments as well as private-equity and venture-capital funds.The person familiar with the situation said that Legend wants to build on its core holdings, including Lenovo, by adding other industrial businesses through direct investments. Legend could also eventually seek a listing, the person added.Legend has financial interests as well through its private-equity and venture-capital vehicles, Hony Capital and Legend Capital. In a sign of its continued activity on that front, Legend is a backer of a new $115 million venture fund, Innovation Works, announced by former Google China chief Kai-fu Lee on Monday. Legend also owns a stake in Goldman Sachs Group Inc.'s China joint-venture partner, Beijing Gao Hua Securities Co.China Oceanwide purchased the Legend stake through the Beijing Equity Exchange. Sales of some state assets are required to be done through such exchanges to encourage transparency and allow potential competing bids to emerge.After the stake sale, Legend will remain 36%-held by CAS Holdings, the Chinese Academy of Science's investment arm, and 35%-held by early employees of the company.Oceanwide's new stake in Legend isn't expected to have a big effect on Lenovo, given that it isn't permitted to make changes to operations or management, nor will it hold seats on Lenovo's board.In an earlier interview, CAS Holdings spokesman Zhou Chuanzhong said the deal will make Legend's ownership structure 'more balanced' and improve its corporate governance by making it more 'market-oriented.' Mr. Zhou added that CAS Holdings is planning to reduce its stake in more of its invested companies to below 35% by 2010. It currently has a controlling stake in more than 20 companies.Analysts said that Oceanwide, which has a construction subsidiary listed on the Shenzhen stock exchange, is privately held. Oceanwide and Legend share at least one thing in common. Like Legend founder Liu Chuanzhi, Oceanwide founder and Chairman Lu Zhiqiang, a former government official in eastern China's Shandong province, has strong ties to the All-China Federation of Industry and Commerce, an organization that guides government policy toward private-sector companies.Oceanwide owns 3.1% of China Minsheng Banking Corp., one of the country's 10 biggest banks by assets, and Mr. Lu serves as the bank's vice chairman.Oceanwide didn't respond to requests for comment.Legend was founded in 1985 when Mr. Liu, an entrepreneurial scientist at the Chinese Academy of Science, launched an ill-fated effort to resell color television sets. Later, the company sold International Business Machines Corp. computers in China.Legend's main unit, Lenovo, came to international prominence in 2005 when it purchased IBM's personal-computer business, giving it ownership of the ThinkPad brand of laptops. Integrating those operations proved a tricky task for Lenovo, and the company recently has refocused on the China market -- the second-largest PC market in the world by shipments after the U.S. It replaced its chief executive earlier this year and is in the midst of a restructuring.Some analysts believe the decision by the Chinese Academy of Science to sell down its stake in Legend could reflect a negative view on the PC industry's future.While it continues to grow, 'it is not an exciting industry anymore,' said Charles Guo, analyst for J.P. Morgan Chase in Hong Kong. Putting some of the academy's stake to use with other investments 'is quite understandable,' he added.PC sales have suffered from decreased spending on technology, and have continued to decline in recent quarters. According to research firm IDC, world-wide PC shipments in the second quarter fell 3% from a year earlier. PC prices have come down as well, with manufacturers rushing to release low-cost consumer laptops to meet the demands of a more frugal market.Rick Carew / Loretta Chao
China's Legend Holdings Ltd. is best known as the parent of Lenovo, the company that owns the ThinkPad brand of notebook computers. Now, a new deal with a Chinese conglomerate may signal that Legend is carving out a bigger role in China's corporate landscape with an unusually Scandinavian flavor.On Friday, China Oceanwide Holdings Group Co., a company with holdings in real estate, finance and energy, said it was buying a 29% stake in Legend from the Chinese Academy of Science for $404 million.The stake sale isn't expected to have a big impact on Lenovo Group Ltd., which Legend founded. However, it could pave the way for Legend to become a broader corporate investment-holding company modeled in some ways on Investor AB of Sweden, according to a person familiar with the situation.Legend is expected to discuss its future strategic direction at a news briefing on Tuesday in Beijing.Investor AB, an investment vehicle controlled by the Wallenberg family, is a powerhouse in Sweden, holding stakes in major companies in that country and beyond, including drug maker AstraZeneca PLC and cellphone manufacturer Telefon AB L.M. Ericsson. It also allocates chunks of its portfolio to other direct investments as well as private-equity and venture-capital funds.The person familiar with the situation said that Legend wants to build on its core holdings, including Lenovo, by adding other industrial businesses through direct investments. Legend could also eventually seek a listing, the person added.Legend has financial interests as well through its private-equity and venture-capital vehicles, Hony Capital and Legend Capital. In a sign of its continued activity on that front, Legend is a backer of a new $115 million venture fund, Innovation Works, announced by former Google China chief Kai-fu Lee on Monday. Legend also owns a stake in Goldman Sachs Group Inc.'s China joint-venture partner, Beijing Gao Hua Securities Co.China Oceanwide purchased the Legend stake through the Beijing Equity Exchange. Sales of some state assets are required to be done through such exchanges to encourage transparency and allow potential competing bids to emerge.After the stake sale, Legend will remain 36%-held by CAS Holdings, the Chinese Academy of Science's investment arm, and 35%-held by early employees of the company.Oceanwide's new stake in Legend isn't expected to have a big effect on Lenovo, given that it isn't permitted to make changes to operations or management, nor will it hold seats on Lenovo's board.In an earlier interview, CAS Holdings spokesman Zhou Chuanzhong said the deal will make Legend's ownership structure 'more balanced' and improve its corporate governance by making it more 'market-oriented.' Mr. Zhou added that CAS Holdings is planning to reduce its stake in more of its invested companies to below 35% by 2010. It currently has a controlling stake in more than 20 companies.Analysts said that Oceanwide, which has a construction subsidiary listed on the Shenzhen stock exchange, is privately held. Oceanwide and Legend share at least one thing in common. Like Legend founder Liu Chuanzhi, Oceanwide founder and Chairman Lu Zhiqiang, a former government official in eastern China's Shandong province, has strong ties to the All-China Federation of Industry and Commerce, an organization that guides government policy toward private-sector companies.Oceanwide owns 3.1% of China Minsheng Banking Corp., one of the country's 10 biggest banks by assets, and Mr. Lu serves as the bank's vice chairman.Oceanwide didn't respond to requests for comment.Legend was founded in 1985 when Mr. Liu, an entrepreneurial scientist at the Chinese Academy of Science, launched an ill-fated effort to resell color television sets. Later, the company sold International Business Machines Corp. computers in China.Legend's main unit, Lenovo, came to international prominence in 2005 when it purchased IBM's personal-computer business, giving it ownership of the ThinkPad brand of laptops. Integrating those operations proved a tricky task for Lenovo, and the company recently has refocused on the China market -- the second-largest PC market in the world by shipments after the U.S. It replaced its chief executive earlier this year and is in the midst of a restructuring.Some analysts believe the decision by the Chinese Academy of Science to sell down its stake in Legend could reflect a negative view on the PC industry's future.While it continues to grow, 'it is not an exciting industry anymore,' said Charles Guo, analyst for J.P. Morgan Chase in Hong Kong. Putting some of the academy's stake to use with other investments 'is quite understandable,' he added.PC sales have suffered from decreased spending on technology, and have continued to decline in recent quarters. According to research firm IDC, world-wide PC shipments in the second quarter fell 3% from a year earlier. PC prices have come down as well, with manufacturers rushing to release low-cost consumer laptops to meet the demands of a more frugal market.Rick Carew / Loretta Chao