Lenovo is in the midst of "champion pain."

Lenovo, who has just crowned the world's PC king, is in deep pain.

Lenovo's share price was depressed as the PC market was weak, hoping to find a way to express confidence through share buybacks. In addition, Lenovo is actively outside the PC market layout pc breakthrough, make up for business short board.

The daily economic news reporter found in the survey that Lenovo has been actively engaged in discussions with IBM on IBMX86 Server acquisitions, despite the latest media reports that Lenovo and IBM have broken the acquisition, but several from Shenyang's integrator (IBM partners) said, "X86 must sell, So it's not going to go into the X-series for the time being. ”

Lenovo publishes 11 repurchase announcements

In the 13 trading days from June 24 to July 11, Lenovo issued 11 share repurchase announcements. Statistics show that the total number of 11 repurchase shares amounted to 51.054 million shares, a total of HK $350 million.

But also last July, Lenovo also concentrated on the implementation of stock repurchase.

Public data show that Lenovo has been implementing stock buybacks from June 2012 to April 2013, with a certain amount of stock buybacks each month. Since June 24, 2013, the repurchase, the size of each repurchase is about 5 million shares, involving a capital of about HK $30 million.

Similar to the background of last year's repurchase, Lenovo's more concentrated repurchase action was also linked to a "fall" in share prices, which slid from around HK $9 in March to around HK $6.

Wong, Lenovo's chief financial officer, explained that the company's recent repurchase of shares was due to market fluctuations that raised concerns about the company's value.

And the reporter survey found that Lenovo's share repurchase also due to its launch in 2012 of the equity incentive scheme, in the number of repurchase, Lenovo has issued a notice that will not exceed the total share capital of 10.44 billion shares of 10% percentage.

It is also noteworthy that Lenovo's share price slump came at a time when it was on a PC sales champion.

Lenovo has overtaken HP to become the world's largest PC maker, according to industry data released by IDC and Gartner, a third-party research firm, in the two quarter of this year.

It commentator Sun Yongjie told reporters that from the perspective of PC industry development, the PC has not much innovation and capital premium space, and "capital market more value high profits and innovative industry space." ”

Sun Yongjie further explained that the current Lenovo business sector is mainly three: one is the PC business, has leapt to the top, the plate growth space may be mixed in this field; the second is the smart mobile end, the main business for mobile phones, as Dell has said to wearable mobile devices, HP mobile phone has not been exerting force, Lenovo's business is still smooth; third, the enterprise-level market, the plate has always been Lenovo's weakest, but it is relatively high profit margins and market stability of a plate, so Lenovo must fill this short board.

In fact, Lenovo has been looking for acquisitions in the field. Wong at the Lenovo shareholder meeting, said the company has sufficient cash, will continue to look for the right investment opportunities.

Want to buy IBMX86 server

Since April this year, Lenovo's acquisition of the IBMX86 server business has been spread in the industry. A subsequent statement by Lenovo also confirmed that the company was negotiating a potential takeover deal with a third party, but did not disclose more details. But according to the source, the transaction amount could reach billions of dollars.

However, May 2, a person familiar with the talks, the Fortune magazine, said the talks between Lenovo and IBM about Lenovo's billions of dollar takeover of IBM server business have broken down. Although the talks may restart, the gap between the two sides in valuation is too great, the source said.

Lenovo and IBM spokesmen declined to respond.

Recently, an unnamed business manager from the diamond-level agency at IBM's Henan province told the Daily Economic news reporter, "the negotiations should start from the beginning of the year, and Dan, who was responsible for the IBMX series of servers This January, has resigned." Lenovo in March has been to our company to talk about a number of cooperation, and in April the Department of Personnel to leave the position. ”

Although the May talks have been broken, the business manager said, "in June, in the National Medical System Information conference activities, several integrators from Shenyang (IBM partners) also said that X86 must be sold, so temporarily will not enter the X series of goods." Once sold to Lenovo, paste Lenovo card do not know will be good to sell. ”

"IBM's consistent business philosophy is to sell things that are not profitable or low-margin," said the business manager. In recent years, under the influence of parallel imports, OEM goods, price impact is relatively large, in the X series of servers, low-end products less profit, IBM sold it, keep high-end products is very normal. ”

It is understood that IBM's X86 server business annual sales of nearly 5 billion U.S. dollars, accounting for IBM server sales of about One-third.

Senior Media person Shen Yao told reporters, "IBM has the possibility of selling X86 servers, but it is still uncertain whether it will work with Lenovo." "There is no doubt that Lenovo hopes to use IBM's power again to seek additional growth," he said.

Sun Yongjie said that, like Lenovo's acquisition of IBM's PC business in 2005, the acquisition of IBM's X86 server could give Lenovo rapid growth, expand its market share and raise its profile. The deal could make up for the short board of Lenovo's business class.

He further pointed out that although low-end X86 server will be reduced to PC in the future, but like the X86 Standard Industrial server, and the PC market operating mode, are Lenovo's strengths, through the IBM brand to play low-end server market, and then micro-innovation to expand market Size, The business allows Lenovo to compete better with HP and Dell.

But in addition to the valuation problem, the acquisition could face more difficulties.

By the time of press, Lenovo related people did not respond to the reporter's interview content.