On June 26, Lenovo Group fell 4.5% in regular trading, trading at HK$22.48/share, with turnover of HK$697 million.

On the news front, Lenovo announced on June 25 the completion of its $2 billion zero-coupon convertible bond issuance due 2033, with an initial conversion price of HK$36.70 per share. If fully converted, the bonds would dilute approximately 3.33% of existing equity. Concurrently, approximately $225 million of the existing 2029 convertible bonds were repurchased and will be cancelled.

Despite supportive fundamentals — including AI server backlog rising to approximately RMB 150 billion and management reiterating significant upside potential at the June 25 Investor Day — the large-scale financing continues to weigh on capital structure sentiment. The broader hardware sector also faced selling pressure, with Legend Holdings declining over 5% and Xiaomi falling over 3%, amplifying short-term profit-taking across the space.

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