联想系列案例一：世纪之交的选择

Lenovo held the leadership position in China’s PC market from 1996 to 2000, maintaining top sales both in China and the Asia Pacific region. Yet after China joined the WTO, Lenovo Group decided to carry out a series of strategic adjustments in order to maintain a competitive advantage in the changing macro environment. Case (A) mainly focuses on a September 2000 decision that had to be made regarding Lenovo’s 3-year development strategy for the China market. An important choice faced Mr. Yang Yuanqing, the Lenovo Group senior vice president and president of Lenovo Computer Company. Should the company pursue new opportunities through a globalization strategy or develop a more diversified strategy for the local market? Case (B) concentrates on the implementation of the diversification strategy in 2004. After 3 years of frustration, Lenovo saw an opportunity to buy IBM’s personal computer business. Yang Yuanqing faced a number of problems: How should the company diversify its business? Should Lenovo buy IBM? What criteria should be considered in the merger and acquisition process? Case (C) mainly explores the integration process after the IBM merger with Lenovo. Through supply chain integration, cost reduction, cultural integration, and use of the dual business model, Lenovo completed the overall integration in 2008. However, Lenovo fell into a loss caused by the financial crisis the second half year 2008. Yang Yuanqing couldn’t help but wonder: Was Lenovo’s acquisition of IBM’s PC business a failure? How could the predicament be reversed? Case (D) delves into the effects of communication among the three private investment groups — TPG, GA, and NC — and their negative impact on Lenovo shares during the acquisition. By October 2010 the three private equity investment funds had sold all their shares of Lenovo, prompting Yang Yuanqing to think more about how to achieve symbiotic relationships and avoid conflicts of interest with international investors. The Lenovo case series encourages student discussion of how enterprises make strategic adjustments in a competitive environment. It also helps students understand the key factors during the implementation of the M & A strategy and the type of cooperation model to pursue with private equity funds.