Legend Holdings Corp., the biggest shareholder of Lenovo Group Ltd. (00992.HK), plans an initial public offering in Hong Kong that could raise up to US$3 billion.
The listing, set for July, will be one of Asia’s biggest this year, The Wall Street Journal reported.
Beijing-based Legend, one of China’s oldest state-linked conglomerates, plans to submit in the coming weeks an application to Hong Kong’s stock exchange seeking approval for the listing, the newspaper said, citing unnamed sources.
Legend, which holds a 30.6 percent stake in Lenovo, a leading maker of personal computers and mobile phones, was founded in 1984 by Liu Chuanzhi and 10 other researchers with funding of US$30,000 from the Chinese Academy of Sciences, a government research think tank.
In addition to its holding in Lenovo, which went public in Hong Kong two decades ago, Legend has interests in property throughout China and controls Hony Capital, a mainland private equity firm.
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