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History[ edit ] Founding and early history[ edit ] Liu Chuanzhi founded Lenovo on 1 November with a group of ten engineers in Beijing withyuan.
The Chinese government approved Lenovo's incorporation on the same day. Eleven people, the entirety of the initial staff, attended. Each of the founders was a middle-aged member of the Institute of Computing Technology attached to the Chinese Academy of Sciences.
The group rebuilt itself within a year by conducting quality checks on computers for new buyers. Lenovo soon started developing a circuit board that would allow IBM-compatible personal computers to process Chinese characters.
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This product was Lenovo's first major success. Lenovo also tried and failed to market a digital watch.
Liu said, "Our management team often differed on which commercial road to travel. This led to big discussions, especially between the engineering chief and myself. He felt that if the quality of the product was good, then it would sell itself.
But I knew this was not true, that marketing and other factors were part of the eventual success of a product. InLenovo started to manufacture and market computers using its own brand name.
The ad was placed on the front page of the China Youth News. Such ads were quite rare in China then. Out of the respondents, were selected to take a written employment exam. Although interviewers initially only had authority to hire 16 people, 58 were given offers. The new staff included 18 people with graduate degrees, 37 with undergraduate degrees, and three students with no university-level education.
Their average age was Liu's father, already in Hong Kong, furthered his son's ambitions through mentoring and facilitating loans. Liu moved to Hong Kong in To save money during this period, Liu and his co-workers walked instead of taking public transportation.
To keep up appearances, they rented hotel rooms for meetings. Prior to its IPO, many analysts were optimistic about Lenovo.
The company was praised for its good management, strong brand recognition, and growth potential. Analysts also worried about Lenovo's profitability. Lenovo's IPO was massively over-subscribed. Proceeds from the offering were used to finance sales offices in Europe, North America and Australia, to expand and improve production and research and development, and to increase working capital.ADULT FAMILY HOME BUSINESS TOOLKIT.
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