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China's Computer Giant Eyes World's Top 500
Legend Group, China's largest computer maker, announced Monday in Beijing it will work to become among the world's Top 500, which are selected by the US-based Fortune magazine every year, in the coming decade.
The ambitious plan of the computer company, which was set up by its president Liu Chuanzhi 15 years ago with a start-up fund of 500,000 yuan (about 60,000 US dollars), will increase its sales to more than 10 billion US dollars from last year's 2.3 billion US dollars, a company spokesman said Monday.
Last year, the group sold 1.25 million computers, an increase of 80 percent over the previous year, ranking itself first in the Asia-Pacific region, replacing IBM and Compaq, and 13th in the world.
The company's Hong Kong arm, Legend Holdings Ltd., was valued at 900 million HK dollars when it was first listed nine years ago, but now it boats a market capitalization of over 66 billion HK dollars. Last year its sales reached 1.5 billion US dollars, up by 98 percent from the previous year.
The Chinese Academy of Sciences is the largest stock-holder of the Legend Group, taking more than half of the group's shares.
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