UpdateChina’s Lenovo Group plans to issue five-year notes to raise 4 billion yuan
Lenovo is to tap the debt market to raise 4 billion yuan
Lenovo Group, the world’s largest personal computer supplier, plans to issue five-year notes to raise 4 billion yuan that are due in 2020 and will bear interest at 4.95 per cent per year.
“The proceeds (are) intended to be used for general corporate purposes including working capital,” said chairman Yang Yuanqing in a Hong Kong stock exchange filing on Thursday.
The issue comes after Lenovo revealed new advances in smart mobile devices that could help drive the company’s growth in the consumer electronics market.
Lenovo’s share price rose 1.15 per cent to HK$12.36 at 10.28 am on Thursday.
At an event in Beijing on May 28, the company demonstrated prototypes of a smartwatch with a so-called virtual display that allows users to see images more than 20 times larger than the watch face and "smart shoes", which display a person’s mood on its built-in screens, as well as track and analyse fitness data.
In addition, Lenovo introduced a smartphone with a built-in laser projector, infrared motion detector and high-performance algorithms that open up a range of interactions for users.