Legend Holdings Ltd. Chairman Liu Chuanzhi—owner of world’s fourth largest personal computer maker intends—to diversify its business through acquisitions, modelling his expansion plans after Hong Kong billionaire Li Ka-shing’s strategy, according to Bloomberg.
At a press conference attended by Bloomberg, Liu reveals that his strategy will resemble Li’s because Beijing- based Legend will target controlling stakes with the 10 billion yuan ($1.5 billion) it plans to invest beyond technology, property and fund management.
According to Bloomberg, Li, the 81-year-old chairman of Cheung Kong (Holdings) Ltd., became Hong Kong’s richest man by starting a plastics company in the 1950s and expanding into real estate, ports, energy and telecommunications across 54 markets. Li’s wealth was estimated to be $16.2 billion by Forbes Asia magazine in February, and is dubbed “Superman” by Hong Kong’s media because of his investing acumen.
According to Bloomberg, aside from Lenovo, Legend controls Hony Capital, a private- equity fund that manages $2.8 billion, and Beijing-based developer Raycom Real Estate. It owns a minority holding in Beijing Gao Hua Securities Co., which runs an investment- banking venture with Goldman Sachs Group Inc. in China.