Published: 12:14pm, 20 Sep, 2016 Updated: 2:54pm, 20 Jul, 2018
China's Legend Holdings, owner of the Lenovo brand of PCs and mobile phones, is shifting its focus to consumer technology and lifestyle-related services. The pivot comes after the firm lost three its value since listing in Hong Kong in 2015, with H1 2016 net profit down 36%YoY to CNY2.58bn ($386.8m) and revenues 5% lower at CNY135bn; it tech sector accounted nearly 93% of total revenue and contributed 27.8% to net profit whereas its non-IT sector investments, particularly half financial investment arms, artificial intelligence and smart manufacturing and "innovative consumption" like car-hailing apps, contributed 7% of revenue but delivered 72.2% of profit. The firm said there are no plans to cut its holding in Lenovo.