Legend Holdings posts 20% profit jump

Legend Holdings Corp, the major shareholder of world's biggest personal computer maker Lenovo Group Ltd, said the company's 2013 net profit exceeded 2 billion yuan ($320 million), a jump of 20 percent.

Annual revenues for the investment holdings company hit 224 billion yuan last year, a rather weak rise of 7.7 percent year-on-year, said Legend in a financial report.

In 2012, the company's revenue surged by nearly a fifth compared to the previous year.

Legend, based in Beijing, is headed by Lenovo's co-founder and former chief executive Liu Chuanzhi. The 70-year-old tech guru shifted his focus to agricultural industry after stepping down from Lenovo as CEO.

Legend is preparing for an initial public offering in China around 2015, according to the company's earlier announcement.

Major businesses of Legend include information technology, real estate, new material and agriculture.

Chinese Academy of Sciences Holdings Co Ltd, a company set up by the nation's top scientific research institute, is Legend's largest shareholder.