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The world's largest computer-services provider is offering 300 million shares, or a 3.5 percent stake, in Lenovo, at HK$3.20 to HK$3.30, according to a sale document sent to Bloomberg by an institutional investor. The range represents a four percent to seven percent discount to the HK$3.44 closing price of the Chinese company's Hong Kong-quoted shares yesterday.

Lenovo moved its headquarters to Raleigh, North Carolina, last year after acquiring IBM's personal-computer business for US$1.25 billion in May 2005. Under the original deal, IBM held an 18.9 percent stake in Lenovo that could only be sold in stages over three years. The two companies agreed last year to allow IBM to dispose of the shares within a shorter period.

"IBM could sell down its stake further in the future when the lock-up expires," said Mona Chung, who helps manage US$950 million at Daiwa Asset Management in Hong Kong. The impact on Lenovo shares will be limited, as "they are currently not very pricy," she said.

IBM's stake in Lenovo will be reduced to 11.5 percent after the most recent sale, according to today's term sheet.

The Chinese company said in a statement on May 26 last year that it will allow IBM to sell its shares more quickly than previously agreed. Under the new terms, IBM can sell as much as two thirds of its stake from May 25, and the balance from November 1, 2007.

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