Lenovo parent firm to diversify investments

Legend Holdings, the parent of computer maker Lenovo, plans to increase direct investments in industrial firms as part of a transformation into a corporate investment-holding company, the Wall Street Journal reported, citing a person familiar with the matter. The shift comes after China Oceanwide Holdings announced on Friday that it would buy a 29% stake in Legend from the Chinese Academy of Science (CAS) for US$404 million. The investment arm of CAS will remain Legend’s major shareholder after the sale, with a 36% stake. Legend is also said to be considering an eventual public listing, and is expected to give more details on its strategic direction at a briefing today.