Legend Holdings
| Company type | Public company |
|---|---|
| Industry | Investment, Conglomerate |
| Founder | Chinese Academy of Sciences |
| Headquarters | Beijing , China |
Area served | China, International |
Key people | Liu Chuanzhi (former chairman) |
| Products | Finance, real estate, information technology, agriculture, healthcare, venture capital |
| Website | www |
Legend Holdings Corporation () is a Chinese investment conglomerate engaged in sectors such as finance, real estate, and information technology. It holds a controlling stake in the prominent affiliate, the Lenovo Group. Established by the Chinese Academy of Sciences, Lenovo was initially known as Legend Computer until its English designation was changed in 2004, while its Chinese name remains 联想 ().
Liu Chuanzhi
In June 2012, Liu Chuanzhi resigned from his role as chairman of Legend Holdings. Before stepping down, he concentrated on expanding Legend’s business, enhancing its principal assets, and preparing for a potential public listing between 2014 and 2016. The company’s main holdings include Lenovo, Legend Capital, the real estate firm Raycom, Digital China, and Hony Capital.
Liu aspired for Legend to evolve into a leading diversified enterprise both within China and internationally, recognizing that achieving this vision might be the responsibility of future leadership. He sought to broaden the company’s scope beyond IT into industries such as real estate, services, coal processing, and agriculture—highlighting agriculture as a strategic growth sector aligned with increasing domestic consumer demand. Liu stressed that all international investments should maintain alignment with core operations in China.
In July 2012, Liu revealed intentions to take Legend Holdings public on the Hong Kong Stock Exchange. Market analysts suggested he aimed to create a Chinese counterpart to General Electric through diversification across various industries.
Stock offering
By March 2015, Legend Holdings was preparing an initial public offering scheduled for July, targeting approximately HK$23.4 billion in capital. The company collaborated with UBS and China International Capital Corp to submit its application to Hong Kong regulators. The Hong Kong Stock Exchange granted approval for the IPO in June 2015, with Legend planning to launch the offering in late June.
Founder Liu Chuanzhi also expressed intentions to pursue a stock listing on a domestic Chinese exchange prior to his retirement.
Joyvio
Joyvio serves as Legend Holdings’ investment division focused on the food sector, having allocated over one billion yuan in capital. It emphasizes vertical integration spanning from agricultural production to retail distribution. Initially starting with blueberry cultivation, Joyvio expanded into kiwifruit farming in 2013 under the brand name "Liu Kiwi," named after Liu Chuanzhi who led Legend’s entry into the food industry. Since 2011, Joyvio has acquired farms worldwide including locations in Shandong, Sichuan, Shaanxi, Henan provinces of China, as well as Chile. The company also plans to market cherries and grapes imported from the United States, Australia, and Chile.
Utilizing Legend’s information technology capabilities, Joyvio developed a product traceability system that allows consumers to access detailed information regarding product origin and quality through codes on packaging. The company applies technology-sector OEM strategies to collaborate efficiently with small-scale farms and cooperatives while providing training programs to help farmers mitigate risks related to adverse weather conditions.
Towards the end of 2013, Joyvio entered the imported wine market.
On 30 March 2014, Joyvio acquired a majority stake of 60% in Hangzhou Longguan Tea Industrial Company for roughly 30 million yuan (US$4.83 million). Previously state-owned under the Chinese Academy of Agricultural Sciences, Longguan produces Hangzhou’s famous Longjing tea and recorded sales of 32.45 million yuan in 2012 with annual growth rates between 40% and 50%. Joyvio took over operational management intending to introduce innovation and commercial strategies within the tea industry and plans further investments in leading tea brands and related product lines.
iByer Dental
In 2014, Legend injected 1 billion yuan (approximately US$160 million) into iByer Dental, a dental clinic chain with two decades of history, intending to transform it into a high-end national brand. By mid-2014, the plan was to grow iByer to 200 outlets within three years. This healthcare initiative aligned with China's policy reforms promoting private sector participation and anticipated healthcare expenditures reaching US$1 trillion by 2020, fueled by an aging demographic and increasing lifestyle-related illnesses. Notably, China has the lowest ratio of dentists per capita among G20 nations.
Legend Star
Established in 2008 as a collaboration between Legend Holdings and the Chinese Academy of Sciences, Legend Star is an early-stage investment firm dedicated to technology commercialization. It oversees a portfolio of roughly 200 companies across various industries and runs an entrepreneur development program that has trained about 600 CEOs of venture-backed tech startups over seven years.
Lenovo
Lenovo is a global Chinese technology corporation headquartered in Beijing, with key operations in Singapore and Morrisville, North Carolina, USA. The company designs, produces, and markets personal computers, tablets, smartphones, workstations, servers, storage systems, IT management software, and smart televisions. In 2014, Lenovo ranked as the world’s top personal computer vendor by unit shipments. Its product offerings include ThinkPad laptops and ThinkCentre desktop computers.
Legend Holdings remains Lenovo’s principal shareholder, owning a 30.6% equity interest.
Hony Capital
Legend Holdings provided initial capital to Hony Capital, a trailblazer in China’s private equity industry. Managing assets totaling approximately US$7 billion, Hony primarily invests in large state-owned enterprises, aiming to restructure them for enhanced profitability. It also targets foreign consumer brands seeking to grow their footprint in China. Among its investors are pension funds from the United States and Canada, the Bill & Melinda Gates Foundation, Goldman Sachs, and China’s national social insurance fund.
Hony holds a controlling interest in Hollywood studio STX Entertainment, co-investing alongside TPG Capital. Under the leadership of producer Robert Simonds, STX has produced films starring actors such as Matthew McConaughey, Julia Roberts, Adam Sandler, and Drew Barrymore.
Peer-to-peer lending
In 2014, Legend broadened its financial services portfolio by entering the peer-to-peer lending sector through investments in platforms including Yindou and Eloancn—China’s pioneering P2P lending platform. Eloancn operates across 1,000 branches in 100 cities and was facilitating loans worth 200 million yuan monthly as of August 2014. The company regards Legend as a "strategic investor," benefiting from its expertise in IT infrastructure, management practices, and marketing strategies.
Legend Capital
Founded in 2001 and headquartered in Beijing, Legend Capital is a venture capital firm specializing in early-stage investments across the US and China. Its investment focus spans information technology, consumer products, clean energy technologies, healthcare services, manufacturing equipment, and digital platforms.
In 2016, Legend Capital participated in a Series A funding round for Gfresh. By 2017, it had supported over 450 companies globally with approximately 70 achieving public listings internationally. As of 2019, it managed funds denominated in both USD and RMB with total assets under management amounting to ¥45 billion.