Lenovo Leaps into Fortune 500 Club

Topics: Globalization, Fortune, Personal computer Pages: 2 (595 words) Published: December 22, 2010
Lenovo has become China’s first non-monopoly private company to be ranked among Fortune Magazine’s top 500 enterprises. Fortune announced Lenovo’s total income to be $16.788 billion, ranking 499 among the world’s top 500 enterprises.

Lenovo declared that entering the world’s top 500 marked a crucial moment for the company’s rapid growth in the global market, and that Lenovo was very proud of it.
"As a market-based company since its foundation, Lenovo has experienced important periods, establishing its own brand and becoming globalized. Joining the world’s top 500 demonstrates the effectiveness of Lenovo’s strategy, and will be regarded as a milestone in the company’s history," announced a Lenovo spokesperson, adding that right now the company is making preparations for the Beijing Olympic Games which are coming right up.

Many Chinese companies dream of becoming big in the world’s markets, symbolized by a 500 listing. Haier was the first domestic non-monopoly consumer company to get near, coming closest when its income was only $200 million below the world’s 500th company. Another Chinese major, Huawei, has just released its financial report for 2007, according to which the company’s annual income was $12.5 billion, still some distance from the top 500 list.

Companies such as Haier, having developed through brutal competition since the 1990s, are most eager for world status, but these companies do not control core technology and the manufacture of upstream components, and are short of a whole globalized strategy. Their development has slowed in recent years.

Midea, another Chinese home appliance maker, aims to increase its annual income to 120 billion yuan by 2010, and perhaps become one of the world’s top 500.
For Lenovo, earning a place on the Fortune list has never been a company goal. Chairman Yang Yuanqing said Lenovo values only its own development and its share in the global market, and merely being among the world’s top 500 firms...
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