Lenovo is one of the world's leading personal technology companies, producing innovative PCs and mobile internet devices. A global Fortune 500 company, Lenovo is the world's largest PC vendor and largest smartphone company. Although the Lenovo brand only recently came into existence in 2004, the company has a much longer history. In 1984, Legend Holdings was formed with 200,000 RMB (US$25,000) in a guard house in China. The company was incorporated in Hong Kong in 1988 and would grow to be the largest PC company in China. Legend Holdings changed its name to Lenovo in 2004 and, in 2005, acquired the former Personal Computer Division of IBM, the company that invented the PC industry in 1981. Today, Lenovo is a US$34 billion personal technology company with more than 46,000 employees (including joint ventures) in more than 60 countries serving customers in more than 160 countries. Lenovo has headquarters in Beijing, China and Morrisville, North Carolina, U.S.; as well as major research and manufacturing centers in countries around the world. Lenovo has grown faster than the market for more than four years because their exceptionally engineered products are meant for those who do. Their customers use innovation to bring progress to the world, and Lenovo designs and builds their products with this in mind, taking inspiration from the drive and imagination of the people who make things happen. Their technology helps those who do, do better. Whether a PC, smartphone, tablet, smart TV, server, workstation or storage device, Lenovo makes the products that customers need for what they call the "PC+ world." Lenovo is creating real differentiation from the competition thanks to its vertically integrated end-to-end business model. This model is unique among major PC makers and is a significant source of competitive advantage, helping them to bring more innovation to market, more efficiently, and aggressively attack the PC+ opportunity. And as Lenovo expands globally, they establish even deeper roots in each major market, investing not only in sales and distribution, but also in local domestic manufacturing, R&D and other high-value functions. This global reach with local excellence is enabling Lenovo to build a new kind of company and positions them to more deeply implement their protect and attack strategy and build the foundation for long-term success. And they want to do it the right way — the Lenovo Way — with their own perspective, our own global point of view and our own commitment to building technology for people who view technology as a tool to accomplish great things. Lenovo owns the greatest track record for innovation in the PC industry, consistently winning awards and receiving rave reviews. Lenovo remains committed to innovation and will continue to leverage its history of technological breakthroughs into new product categories that drive future growth. Innovation is how Lenovo achieves competitive differentiation and drives new market opportunities, such as mobile Internet, digital home and cloud computing. Lenovo operates 46 world-class labs, including research centers in Yokohama, Japan; Beijing, Shanghai, Wuhan and Shenzhen, China; and Morrisville, North Carolina, U.S. The company is rich in talent, employing more than 3,200 engineers, researchers and scientists. Lenovo's R&D teams have introduced many industry firsts supported by a track record of innovation — including more than 6,500 globally recognised patents and more than 100 major design awards. Acquisitions, collaboration with industry associations, and investments in research and development even in down cycles have enabled them to stay ahead of market trends and deliver a comprehensive portfolio of products.