Legend Holdings' stock price surged 14.70% during intraday trading on Friday, marking a significant upward movement for the company.

The rally was primarily fueled by the outstanding performance of its subsidiary, Lenovo Group, which itself surged nearly 29% intraday. Lenovo recently reported robust annual earnings, with revenue growing approximately 20.3% year-over-year and operating profit soaring roughly 50.7%. This strong financial performance prompted several major international banks to raise their target prices for Lenovo and, by extension, Legend Holdings. Notably, Citi raised its target price for Legend Holdings from HK$10.6 to HK$16, maintaining a Buy rating and highlighting it as a cost-effective way to gain exposure to Lenovo's business.

Market analysts point to Lenovo's accelerated transformation from a traditional PC company into an AI infrastructure enterprise as a key driver of confidence. The company's AI-related revenue reportedly doubled year-over-year, further bolstering investor sentiment towards the parent company, Legend Holdings.