--FILE--Laptop computers of Lenovo are for sale at a store in Shanghai, China, 22 January 2014. A decade after Lenovo Group Ltd. bought Internationa
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22 January 2014Photographer:
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--FILE--Laptop computers of Lenovo are for sale at a store in Shanghai, China, 22 January 2014. A decade after Lenovo Group Ltd. bought International Business Machines Corp.¯s personal-computer unit, shares of the Chinese company are up about 300 percent while ®¯Big Blue¯s have lagged behind the Standard & Poor¯s 500 Index. The CHART OF THE DAY tracks Lenovo, IBM, Hewlett-Packard Co., Dell Inc. and the S&P 500 starting from Dec. 8, 2004, when the $1.25 billion deal was announced. IBM¯s 67 percent gain through this Dec. 10 trailed the U.S. stock benchmark¯s 72 percent increase and HP¯s 77 percent. Shares of Dell, the largest PC maker 10 years ago, had tumbled by two-thirds before founder Michael Dell and Silver Lake Management took it private in a $24.9 billion leveraged buyout in 2013. ®¯Low-cost, scale manufacturing plus PC focus was an advantage for Lenovo over U.S. counterparts, ¯¯ said Stephen Yang, head of institutional research at Sun Hung Kai Financial Ltd. in Hong Kong. ®¯Preferred PC vendor status by government and institutions in China provided Lenovo a stable base to be more aggressive in other countries.¯¯ Lenovo has consistently led HP since 2013 as the biggest PC maker, according to research firm Gartner Inc. The 2004 deal, which included IBM¯s ThinkPad brand, vaulted the Chinese company from eighth at the time to third. Lenovo¯s rally defied what Michael Dell told reporters the day the deal was unveiled.