The brand and company name Lenovo is an amalgamation of “Le” from Legend, and the Latin word “novo”, which means “new”. Lenovo manufactures desktop and laptop computers, servers, handheld computers, imaging devices, mobile phones, and accessories.
The company is currently the fourth largest personal computer manufacturer in the world with annual profits averaging $13 billion. Lenovo’s main competitors are Dell, Hewlett-Packard, and Acer.
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The company is presently headed by Yang Yuanqing (Chairman), William J. Amelio (President, CEO, and Director), and He Zhiqiang (Senior Vice-President and CTO).
The company was established in Beijing, China by Liu Chuanzhi along with 11 fellow engineers in 1984. At that time, the company was known as Legend Group Ltd. and New Technology Developer, Inc.
Three years later, in 1987, the company first presented the Legend Chinese-character card. The card could read English language software and could process commands in Chinese characters.
In 1988, Legend was re-structured and re-named, Lenovo. Lenovo was separated into two companies: Lenovo, which manufactured personal computers; and Digital China Holdings Ltd., which distributed information technology products and services.
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Lenovo – then still known as Legend – initially imported computers from distributors in China. Nevertheless, it was only in 1990 that they launched their first personal computer and passed the China Torch Program. Afterward, the company developed the first Chinese computers with a 586 processor. Then, in 1993, Lenovo incorporated Pentium parts into their computers. Three years later, the company introduced its first laptop computer.
In 1997, Legend entered an Intellectual Property Agreement with Microsoft Corporation so that the former could distribute the latter’s Windows software. In the same year, Legend successfully developed and marketed its first laser printer with multiple functions.
Legend’s stocks became available for trading in the Hang Seng Index in Hong Kong in 2000. In 2001, however, Digital China Holdings Ltd. became, and was listed as, a separate company on the Hong Kong Stock Exchange. Two years later, that was when Legend finally took the name Lenovo.
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Lenovo entered an agreement with IBM in 2004. In effect, it absorbed the Personal Computing Division of IBM. This made Lenovo the third largest computer manufacturer in the world and was only preceded by Dell and Hewlett-Packard.
The agreement consisted of a $655 million cash payment and $600 million worth of stocks. It gave Lenovo part of the IBM product catalog as well as trademarks like ThinkVision, ThinkPad, Think Vantage, Aptiva, and NetVista.
As of Feb. 29, 2008, a controlling share of 41.8% is owned by Legend Holdings Limited. Legend Holdings is 65% Chinese government-owned, making 27.17% government-owned. 44% of Lenovo’s stock is owned by public shareholders. 6.7% is owed by IBM, and 6.5% by General Atlantic LLC, Newbridge Capital LLC, and Texas Pacific Group. 0.6% of the company is owned by its board of directors.
Currently, Lenovo is also one of the PC manufacturers that offer laptops that have the Linux operating system pre-installed. Its Idea brand was released in 2008 and is offered worldwide. The brand includes 3 new models: ThinkPad X13 Gen 3 (13, Intel), ThinkPad Z13 Gen 1., ThinkPad L13 Yoga Gen 3 (Intel), IdeaPad 3 Gen 7 (14, AMD), Yoga Slim 7i Pro X (14, Intel), Legion Slim 7 Gen 7 (16, AMD) desktop replacement computers.
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