16 July 2013 06:31

Lenovo Confident About Long-Term China Outlook

Internet Big

HONG KONG--Personal-computer maker Lenovo Group Ltd. (LNVGY) is confident about the long-term outlook for its business in China as it sees untapped consumer demand for PCs as well as tablets and smartphones, despite a recent slowdown in the country's economic growth.

"In the short term, (the economy) is definitely affecting our PC growth in China," said Lenovo Chief Executive Yang Yuanqing at a press conference after the company's annual shareholder meeting. "From a long-term perspective, I think PCs will continue to increase."

Mr. Yang added that Lenovo's strong focus on smartphones and tablets in China will help the company sustain its overall growth in the market.

Mr. Yang's comments come days after reports from research firms showed that Lenovo had overtaken Hewlett-Packard Co. as the world's largest PC vendor. According to IDC, Lenovo's PC market share in the quarter through June rose to 16.7% from 15% a year earlier, topping H-P's 16.4% share.

Still, Lenovo's business outlook is not free of uncertainties, in part because China's economic growth is slowing.

China's second-quarter gross domestic product released Monday showed the economy expanded 7.5% from the year earlier, slower than the 7.7% growth in the first quarter. Even though consumer demand in China has so far remained strong, the slowing economic growth is spurring concerns.

"The speed of China's economic development has been affected by the global economy because exports are its major driving force," said Lenovo Chief Financial Officer Wong Wai Ming. "I don't think anyone can say that the world economy has already hit the bottom, but my view is that its decline is slowing down."

Read more news about Lenovo here.

Mr. Wong said that Lenovo's business in China is not limited to major cities like Shanghai or Beijing -- what it calls mature markets within China. In areas outside urban centers, "there's huge demand that has not been touched," he said.

Write to Juro Osawa at juro.osawa@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

July 16, 2013 00:25 ET (04:25 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.

 

Comments

#1 | Thursday 2 Jan (14:56)
First You got a great blog .I will be interested in more similar topics. i see you got really very useful topics , i will be always checking your blog thanks.
Weight Management
#2 | Saturday 4 Jan (23:32)
I must say, I thought this was a pretty interesting read when it comes to this topic. Liked the material. . . . . iphone 5 slim hard case

#3 | Sunday 5 Jan (20:59)
wow, great, I was wondering how to cure acne naturally. and found your site by google, learned a lot, now i’m a bit clear. I’ve bookmark your site and also add rss. keep us updated.
الشيخ الروحاني
#4 | Thursday 9 Jan (14:41)
You have done a great job. I will definitely dig it and personally recommend to my friends. I am confident they will be benefited from this site.
floor mats
#5 | Friday 10 Jan (07:58)
Mmm.. good to be here in your article or post, whatever, I think I should also work hard for my own website like I see some good and updated working in your site.
emprestimo para servidor federal
#6 | Friday 10 Jan (13:36)
Thanks for writing such a good article, I stumbled onto your blog and read a few post. I like your style of writing... Latino bachelorette party NYC

#7 | Saturday 11 Jan (08:23)
Really great post, Thank you for sharing This knowledge.Excellently written article, if only all bloggers offered the same level of content as you, the internet would be a much better place. Please keep it up!
Buy Facebook Likes Cheap
#8 | Saturday 11 Jan (09:04)
Thank you for posting such a great article! I found your website perfect for my needs. It contains wonderful and helpful posts. Keep up the good work!
watch
#9 | Saturday 11 Jan (11:52)
it's really nice and meanful. it's really cool blog. Linking is very useful thing.you have really helped lots of people who visit blog and provide them usefull information.
illuminated mirror
#10 | Wednesday 15 Jan (08:46)
Mmm.. good to be here in your article or post, whatever, I think I should also work hard for my own website like I see some good and updated working in your site.
infiniti floor mats

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
Ingen indlæg

Regulatory news

Dimensional Fund Advisors Ltd. : Form 8.3 - Tesco Plc - Ordinary shares

11/12/2017 10:25:28
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Full name of discloser:   Dimensional Fund Advisors Ltd. ("Dimensional"), in its capacity ..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Karyopharm Presents Positive Phase 1/2 Eltanexor Data at the American Society of Hematology 2017 Annual Meeting
2
Algeco Scotsman Announces Debt Package for Refinancing, Acquisition of Touax Solutions Modulaires SAS and Exercise of Put Option
3
Karyopharm Presents Positive Selinexor Data from the Phase 1b/2 STOMP Study at the American Society of Hematology 2017 Annual Meeting
4
Exclusive: Today, 9 December 2017, Artprice confirms that the acquisition of Da Vinci's Salvator Mundi involved geopolitical mediation, and that the Vatican Museums did indeed study the offer
5
Algeco Scotsman Announces Debt Package for Refinancing, Acquisition of Touax Solutions Modulaires SAS and Exercise of Put Option

Related stock quotes

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2017   Disclaimer and Terms of Use
Quote information is delivered by Morningstar.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
11 December 2017 20:54:00
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20171124.1 - EUROWEB5 - 2017-12-11 21:54:00 - 2017-12-11 20:54:00 - 1000 - Website: OKAY