Lenovo Selected as a Constituent Stock of the Hang Seng Index
HONG KONG--(BUSINESS WIRE)-- The Hang Seng Indexes Company today announced that Lenovo (HKSE: 0992) (PINK SHEETS: LNVGY) will be included as a constituent stock of its Hang Seng Index. This selection positions Lenovo among the "blue chip" companies listed on the Hong Kong Stock Exchange and represents significant market recognition of Lenovo's leadership position in the global IT industry.
It is also significant because it broadens the group of shareholders that will consider owning Lenovo's stock to include funds whose investments must mirror the Hang Seng Index or pension funds whose investment committees look for index inclusion as an investment criterion. Finally it reflects recognition from a respected 3rd party of Lenovo's strong, consistent financial performance, outstanding management and its strong future growth prospects.
"We are very pleased today that Lenovo has been included as one of the constituent stocks of Hang Seng Index," said Yang Yuanqing, chairman and CEO, Lenovo Group. "This news comes following another record quarter reported last week, that demonstrated Lenovo's ability to consistently drive growth, improve profitability and establish itself as one of the leading global technology companies. Not only have we become a global PC market leader, but we are also now recognized as a leading innovator defining the PC Plus era."
Lenovo has reported its best quarter ever last week, in which it has continued to outgrow the market in all geographies with record sales, earnings and global PC market share. The company delivered another quarterly sales record of $9.4 billion, a 12 percent year-over-year increase, while it has been the fastest growing major PC company for 13 straight quarters.
Lenovo has built momentum towards being the world's leading PC maker while at the same time rapidly expanding its PC Plus footprint - including smartphones, tablets and smart TVs that will drive future growth. At the same time, Lenovo was also recognized by IDC as the world's third-largest maker of "smart connected devices," such as tablets, PCs and smartphones. Last quarter, Lenovo's Mobile Internet and Digital Home business contributed 11 percent of global revenue - a record high and strong indicator that the company is delivering strong growth in the PC Plus market.
"The market has clearly demonstrated confidence in Lenovo's ability to meet its commitments, maintain steady growth in a tough environment and execute a strategy that not only delivers strong short-term results, but also lays a solid foundation for our long-term performance. We are very proud that the Hang Seng Index has recognized this performance and are confident we can continue to deliver outstanding results, profitable growth and sustainable, long-term returns for our shareholders," Yang continued.
Lenovo (HKSE: 0992) (PINK SHEETS: LNVGY) is a US$30 billion personal technology company - the second largest PC maker in the world and an emerging PC Plus leader - serving customers in more than 160 countries. Dedicated to building exceptionally engineered PCs and mobile internet devices, Lenovo's business is built on product innovation, a highly-efficient global supply chain and strong strategic execution. Formed by Lenovo Group's acquisition of the former IBM Personal Computing Division, the Company develops, manufactures and markets reliable, high-quality, secure and easy-to-use technology products and services. Its product lines include legendary Think-branded commercial PCs and Idea-branded consumer PCs, as well as servers, workstations, and a family of mobile internet devices, including tablets and smart phones. Lenovo, a global Fortune 500 company, has major research centers in Yamato, Japan; Beijing, Shanghai and Shenzhen, China; and Raleigh, North Carolina. For more information see www.lenovo.com.
KEYWORDS: United States Asia Pacific North America North Carolina Hong Kong
The article Lenovo Selected as a Constituent Stock of the Hang Seng Index originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.