On September 22, LEGENDHOLDING rose 3.45% in regular trading, trading at HK$24.06/share, with turnover of HK$142 million. The stock continued its upward momentum following reports of a potential divestiture of its Luxembourg banking subsidiary.

According to recent reports, Legend Holdings has started seeking buyers for its approximately 90% stake in Banque Internationale a Luxembourg (BIL). Goldman Sachs is advising on the sale, with initial bids due by the end of September. The lender could be valued at approximately EUR 2.5 billion or more, with interest from European and Middle Eastern institutions in early stages. Citi issued a research note maintaining a Buy rating with a target price of HK$21.50, noting that the potential sale could be the first step in Legend Holdings divesting non-core investments and transforming into a more technology-focused holding company. The transaction, if completed, could narrow the estimated NAV discount of approximately 75%.

The move also comes on the back of robust H1 results, with revenue reaching RMB 362.9 billion, up 29% year-over-year, and net profit attributable to equity holders surging 219% to RMB 2.23 billion. Core subsidiary Lenovo Group achieved record x86 server shipments of 286,000 units in Q2, ranking first globally, while AI server order backlog reached USD 54 billion.

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