Lenovo Plans To Create Internet-Based Business In China

On Wednesday, Lenovo Group Limited LNVGY announced that it will create a new company focused on building a leading Internet-based smart devices and services business in China.

The company stated, "The objective of this move is to help Lenovo attack the fast growing consumer mobile device market in China, with a focus not only on devices, but also on software and application development and close customer engagement."

Shares of Lenovo recently traded at $28.11, up 1.9 percent. Shares are up 15.6 percent YTD.