Lenovo Group Ltd, China's biggest maker of personal computers, fell the most in two weeks in Hong Kong trading after International Business Machines Corp offered to sell a stake in the company for the third time this year.
Lenovo declined 5 percent to close at HK$5.30 (68 US cents), the most since July 8. Hong Kong's benchmark Hang Seng Index was little changed.
IBM offered nearly 116.2 million Lenovo shares, or a 1.3 percent stake, at HK$5.19 to HK$5.36 each, according to an e-mail to investors. The price range represents a discount of between 4 percent and 7 percent on Lenovo's closing price of HK$5.58 yesterday. The sale follows similar transactions in February and April.
(Shanghai Daily July 23, 2008)
