Development in IT Sector
Industrial Operations and Investments Group
In 1984, responding to the call of "industrialization of scientific and technological achievements" and with an investment of RMB200,000 from the Institute of Computing Technology of the Chinese Academy of Sciences, Legend was founded by 11 researchers including Liu Chuanzhi. With China's reform and opening up, the company has grown along the way, and gradually explored a path of technological industrialization with Legend's characteristics. The company constantly summarized the basic laws of enterprise management in actual combat, and cultivated a group of leading figures and outstanding talents, laying a solid foundation for the further development of the company.
In 1984, with an investment of RMB200,000 from ICT of CAS, 11 researchers including Liu Chuanzhi founded the ICT New Technology Development Company (Legend’s predecessor) in a reception office.
In 1985, Legend successfully developed its first hit product, the Chinese Character Card, and received the National Prize for Progress in Science and Technology (first class).
Since 1986, Legend had worked as an agency for international PC brands, so as to accumulate investment capital, and gain market understanding, laying grounds for the launch of PCs under its own brand.
Legend started its open recruitment in May 1988. A group of fresh undergraduate and graduate students joined Legend, injecting vitality into the development of the company.
In the 1990s, the country lifted the bar of import approval and slashed tariff, resulting in a large number of internationally renowned PC brands pouring into the Chinese market, and local brands suffered a huge impact. Legend was determined to persist in developing its own brand PC, and in 1994, it took the initiative to adjust its organizational structure to compete head-to-head with international PC giants. In the same year, Lenovo was listed on the Hong Kong Stock Exchange with the stock code HK0992.
In 2001, Lenovo successfully split its own-branded business and agency business into Lenovo Group and Digital China. At the same time, the parent company Legend Holdings, based on the corporate vision of "serving the country through industry", was committed to cultivating more industries and empowering the development of China's real economy. Under the guidance and support of the major shareholder, the Chinese Academy of Sciences, Legend Holdings has gradually grown into an industrial operations and investments group rooted in China, serving the domestic market, and integrating international business. The company has identified two major business segments: industrial operations and industrial incubations & investments. Through practical and effective management and service models, it promotes the long-term value growth of the enterprise, as well as industrial progress and technological innovation.
In 2001, Legend was split into Lenovo Group (0992) engaged in own-branded business and Digital China (0861) engaged in agency distribution and system integration business in order to promote the more focused development of the above two main businesses.
In 2001, Legend Holdings founded Legend Capital (later renamed “Jun Lian Zi Ben” in Chinese) with US$35 million as the first fund, with the purpose of empowering and promoting the growth of innovative and entrepreneurial enterprises in China through "equity investment + value-added services".
In 2003, Legend Holdings founded Hony Capital, focusing on promoting the development of China’s real economy with “Intelligent investing for all” as its mission.
With the mission of serving the country through industry, Legend Holdings is committed to becoming a respected and trusted global holding company, with equity in leading enterprises in multiple industries and international influence.
In the early 2004, facing the strong challenges of the direct-sell model of foreign competitors, Lenovo Group made a major strategic change - focusing on PC, adopting the "dual model" business pattern, re-organizing and designing the supply chain, channels, customers, products, etc. Lenovo eventually beat all rivals, thus laying a solid foundation for internationalization.
On December 8, 2004, Lenovo announced the acquisition of IBM’s global PC business, entering the international arena and participating in global competition.
On its 20th anniversary, Legend Holdings established the company's CSR development plan and incorporated it into its overall development strategy.
In 2008, Legend Holdings worked with CAS together and set up the Legend Institute of the CAS. The Legend Star Entrepreneur/CEO Training Class hosted by Legend Holdings was dedicated to resolve the bottleneck of talent issue during the course of the commercialization of scientific and technological achievements. Today, Legend Star has developed a featured model of “Early Investment + In-depth Incubation”, empowering the development of Innovative and entrepreneurial start-ups in China.
At the beginning of 2009, due to the combined impact of the global financial crisis, Lenovo slid into a big loss. Liu Chuanzhi returned as the Chairman of Board, while Yang Yuanqing, the former-chairman, took the position of CEO. They launched a series of measures and turned business from loss to profit in just two quarters.
In order to serve the country solving the problem of high dependence on imports of some high-end materials, Legend Holdings established Levima Group, committed to building a large-scale, influential and comprehensively competitive advanced material industry cluster.
Joyvio Group is an agriculture and food industry group built by Legend Holdings, with fruit and high-end animal protein as its core businesses, and actively deploys ready-to-cook products and agricultural food technology.
On December 16, Joyvio Group's fruit business and China's largest fruit supply chain company, Golden Wing Mau Group, officially announced a strategic merger, both reaching a milestone of growth. The merged "Joyvio Golden Wing Mau" has now become China's largest full-scale fruit industry chain global company, and continues to contribute to the development of agriculture through science and technology.
This strategic investment can fully realize the complementary advantages of the R&D and technical reserves of CAS and the industrial foundation, management experience and operational capabilities of Levima Advanced Materials, and further promote the transformation and upgrading of the industry.
On April 23, Legend Holdings received the approval from the China Securities Regulatory Commission for the company's application and became the first pilot company of "full circulation" in the H-share.
On July 2 2018, Legend Holdings completed the acquisition of the 89.936% stake in Banque Internationale à Luxembourg. This strategic investment would improve the overall value and financial stability of Legend Holdings, providing better return to the shareholders, and at the same time, offering support to Chinese companies and Chinese-invested financial institutions "going global", while actively "bringing in" foreign capital.
On December 18 2019, Liu Chuanzhi, Chairman of the Board, Executive Director of Legend Holdings, and Founder of Lenovo Group retired as the Chairman and Executive Director of the Company in accordance with a predesignated plan. Zhu Linan, Executive Director and President of Legend Holdings, resigned as the President. As a result of the recommendation from the Nomination Committee of Legend Holdings’ Board of Directors and resolution passed by Board of Directors, Ning Min, Executive Director, Senior Vice-President and Chief Financial Officer of Legend Holdings, took over as Chairman of the Board, and was appointed as the Chairman of the Nomination Committee and Strategy Committee. Meanwhile, Li Peng, Senior Vice President, was appointed as the Chief Executive Officer, following the resolution passed by the Board of Directors.
On December 8, Levima Advanced Materials Co., Ltd. was officially listed on the SMEs Board of Shenzhen Stock Exchange. After that, the percentage shareholding of Legend Holdings in Levima Advanced Materials was 51.77%.
Levima Advanced Materials is another result of Legend Holdings, which started from greenfield investment and promoted the industrialization of scientific and technological achievements and the development of the real economy. After listing, Levima Advanced Materials continues to focus on the direction of advanced materials, pays attention to the "bottleneck" field of high-end advanced materials that the country needs and the market is in short supply, and emphasize on building an excellent advanced materials platform enterprise in the fields of new energy materials, biological materials, and special materials of sub-categories.
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