Our CompanyWhile the Lenovo brand came into existence only in 2004, the company has a much longer history. In 1984, Legend Holdings was formed with 200,000 RMB (US$25,000) in a guard house in China. The company was incorporated in Hong Kong in 1988 and would grow to be the largest PC company in China. Legend Holdings changed its name to Lenovo in 2004 and, in 2005, acquired the former Personal Computer Division of IBM, the company that invented the PC industry in 1981. Today, Lenovo is a US$34 billion personal technology company and the world's largest PC vendor. We have more than 33,000 employees in more than 60 countries serving customers in more than 160 countries. A global Fortune 500 company, we have headquarters in Beijing, China and Morrisville, North Carolina, U.S.; major research centers in Yokohama, Japan; Beijing, Shanghai, Wuhan and Shenzhen, China; and Morrisville; and we have manufacturing around the world from Greensboro, North Carolina and Monterrey, Mexico to India, China and Brazil. Lenovo has been the fastest growing major PC company for more than 4 years, but we're much more than a PC company. We create a full range of personal technology, including smartphones, tablets and smart TVs. We're the fourth largest smartphone company in the world, and are expanding rapidly to new markets. And we're already #3 in the world in what IDC calls "Smart Connected Devices," which combines PCs, smartphones and tablets. It's all part of what we call the "PC+" world, where people use PCs as well as a range of smart devices that are, at their heart, PCs. In this PC+ era, a singular focus on outpacing the competition in terms of market share, profit, ranking, etc. is not enough. To be a truly innovative company, we will create new categories of products that enhance the customer experience and differentiate us from the competition. Finding the right balance between these two forces is what we strive to do on a daily basis. Lenovo's end-to-end business model for vertical integration leverages owned manufacturing capabilities for greater control over both product development and supply chain operations. This model is unique among major PC makers and is a significant source of competitive advantage, helping us to bring more innovation to market, more efficiently, and aggressively attack the PC+ opportunity. And as Lenovo expands globally, we are establishing even deeper roots in each major market, investing not only in sales and distribution, but also in local domestic manufacturing, R&D and other high-value functions. This global reach with local excellence is enabling us to build a new kind of company - a "global-local" company - and positions us to more deeply implement our protect and attack strategy and build the foundation for long-term success.
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