Legend Holdings plans $3b IPO in Hong Kong to fund acquisitions

Legend Holdings Ltd, the largest shareholder of personal computers maker Lenovo Group Ltd, hopes to raise up to $3 billion on the Hong Kong stock exchange.

The Beijing-based company has filed for an initial public offering in the second part of the year to help fund acquisitions in the consumer and services sectors.

Legend posted $680 million net profit in 2014, down 14 percent from a year earlier because of an increase in administrative expenses and finance costs, according to a preliminary prospectus.