The Chinese Academy of Sciences (CAS) is looking to sell a 29% stake in Legend Holdings, the parent company of Lenovo, for US$405 million, the Financial Times reported. The stake sale is part of a larger effort by CAS to reduce its stakes in companies it helped found to enable it to fund new firms. Legend currently holds just over 45% of Hong Kong-listed Lenovo. Potential bidders must have more than US$585 million of registered capital, should have been established for at least 20 years, and should be involved in the financial, energy and property sectors. Additionally, bidders must agree to hold on to Legend shares for five years and maintain Legend’s current management team and development strategies. Lenovo, the world’s fourth-largest maker of personal computers, reported better-than-expected first-quarter results last week, with shipments in China rising 15% year-on-year.