Private equity firms trim stake in Lenovo

The $368 million placement is completed at a 6.5% discount. The company's share price drops 7.1% in response.

Three private equity investors have trimmed their combined stake in Lenovo Group by about one-third through a joint placement, raising a total of HK$2.86 billion $368 million.

Shares in the Chinese computer manufacturer fell beyond the placement price yesterday following the Tuesday evening transaction, but a source close to the deal say investors welcomed the chance to get into the stock after the company said its net profit almost tripled in the three months to September. Since the...

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