Lenovo Group Ltd., the world’s biggest maker of personal computers, fell the most in more than two months in Hong Kong trading after Chief Executive Officer Yang Yuanqing cut his stake in the company.
Lenovo dropped as much as 2.9 percent, headed for the biggest decline since Oct. 8. The stock fell 2.6 percent to HK$7.12 as of the noon trading break on the Hong Kong exchange, trimming its gains in the past six months to 9.7 percent.
Yang sold 29 million shares at an average price of HK$7.04 each Dec. 24, reducing his stake in the Beijing-based company to 9.04 percent from 9.32 percent, Lenovo said in a filing to the Hong Kong stock exchange.
“The share price has gone up quite a bit in the past few months, and Yang might be looking to pocket some gains,” Louis Tse, a Hong Kong-based director of VC Brokerage Ltd., said by phone today. Any action by Yang, who is also Lenovo’s chairman, could be price-sensitive, he said.
Lenovo overtook Hewlett-Packard Co. as the biggest PC maker in the third quarter, accounting for 15.7 percent of shipments, according to Stamford, Connecticut-based Gartner Inc.