TPG cashes in $70 million worth of shares in Lenovo

TPG has raised HK$539.2 million $69.5 million by selling a portion of its existing shareholding in Lenovo. It's the second time the investment firm has reduced its holding in China's largest computer maker during the past six months, taking advantage of the strong momentum in the stock.

Texas-based TPG sold shares in Lenovo at HK$5.35 apiece, the low end of an indicated range. It sold 100.8 million shares, accounting for 1% of the PC maker's existing share capital. TPG retains a stake of between 2% to 3% following the placement, according to Macquarie Securities, suggesting that the latest sale was not motivated by a gloomy outlook for the company or...