课外阅读3-20课阅读3-20.doc

China’s Lenovo Group said it would take between three and five quarters to turn around the lossmaking Motorola handset business that it agreed to purchase from Google for $2.9bn. Targeting a relatively quick recovery, the rosy sentiment was part of an effort by Yang Yuanqing, Lenovo chief executive, to assuage market concerns over the Chinese PC maker’s recent $5.2bn dealmaking spree, which included the $2.3bn buyout of IBM’s low-end server unit. Mr Yang said the purchases were “not an aggressive action. Both deals fit with our strategy?.?.?.?We did not choose to do it this way, but the acquisitions are opportunity-driven”. “We have the capability to digest the two deals, now we have enough resources and strong leadership to deal with [the purchases]?.?.?.?we are confident that we can smoothly digest these two big acquisitions and secure our future for sustainable growth.” Lenovo’s dealmaking sparked a sell-off in the company’s Hong Kong-traded shares, which last week fell 16 per cent in a single day amid fears the PC maker was overextending itself. Mr Yang told Reuters the deal flurry would hurt performance in the short term, but that Lenovo would require only “a couple of quarters” to turn around the lossmaking Motorola business. Lenovo later lengthened that expected timeframe to three to five quarters after the deal closed. The confident outlook came as Lenovo reported third-quarter numbers that beat market expectations. Solid sales of PCs and mobile devices in China helped Lenovo post net profit of $265.3m for the quarter, up 30 per cent from $204.9m in the same period a year earlier and overshooting analysts’ forecasts of $244m. Sales in China account for roughly 40 per cent of Lenovo’s turnover. Revenues came in at $10.8bn – a 15 per cent year-on-year increase – surpassing the $10bn-mark for the first time, while pre-tax income rose 30 per cent year-on-year to $321m. Ricky Lai, analyst at Guotai Junan International, said the solid quarterly figures wou