Lenovo Booted From Hang Seng Index, ANZ CFO Departs
Taking effect from June 4th, Lenovo has once again lost its spot within Hong Kong’s benchmark Hang Seng Index. The news follows the departure of Lenovo ANZ Chief Financial Officer, Richard Rogers, whose last day will be July 1st.
The Chinese-based computer manufacturer joined the index in 2000, however, was booted in 2006.
Following re-instatement in 2013, Lenovo has reportedly wiped 57% (~$5.9 billion) from its market value.
For the nine months to December 2017, Lenovo posted a loss of US$222 million – largely effected by a one-off US$400 million charge relating to tax reform.
As per its recent earnings report, revenue lifted 6% YoY, with PC and ‘smart device’ sales climbing 8%.
Lenovo’s mobile business has continued to slump, with revenues diving 5%.
Despite the news, Lenovo has informed investors it’s making “solid progress”:
“Lenovo is making solid progress on executing its 3-wave strategy”
“While we respect the review results of Hang Seng Indexes, we are singularly focused on our ongoing transformation to drive sustainable long-term returns for our shareholders.”
A spokesperson from Lenovo ANZ has confirmed local CFO, Richard Rogers, will finish up on July 1st. The company is advertising for a replacement, preferably based in Sydney.
Lenovo ANZ affirms it currently employs more staff than it did a year prior, driven by growth in Australia and New Zealand. The company is currently hiring for several “new open roles”.