Cleary, Davis Polk Lead Legend's $2B Hong Kong IPO
The parent company of Chinese computer maker Lenovo is raising capital for future acquisitions.
June 16, 2015 at 01:06 AM
2 minute read
Cleary Gottlieb Steen & Hamilton and Davis Polk & Wardwell have the lead roles on a planned $2 billion initial public offering by Legend Holdings Corp., parent of the world's largest computer maker, Lenovo Group.
In a regulatory filing, Beijing-based Legend said that the proceeds from the IPO will be used to fund potential acquisitions in high-growth areas such as the “consumer and service-related industries.”
Legend was initially formed by chairman Liu Chuanzhi, then a computer engineer at the Chinese Academy of Sciences, in 1984. The company listed its personal computer manufacturing arm on the Hong Kong Stock Exchange in 1994, and changed its computer brand name to “Lenovo” in 2003 in a bid to expand into overseas markets.
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