Lenovo Group has revealed in a statement its intention to issue fresh convertible bonds while concurrently planning to buy back some—or potentially all—of its existing US$675 million 2.50% convertible bonds, which are set to mature in 2029. Following the completion of this transaction, Lenovo aims to repurchase its shares from the market at a judiciously chosen time.

To safeguard the interests of its current shareholders and prevent any dilution of their rights, Lenovo intends to execute share repurchases in the market at a suitable juncture, post the proposed bond issuance and concurrent bond buyback. The scale of these repurchases will be carefully calibrated to avoid triggering any obligation for a general offer. Moreover, Lenovo is set to pursue a general mandate for share repurchases at its forthcoming annual general meeting of shareholders. This move is designed to provide the company with the flexibility to continue repurchasing shares before the new convertible bonds reach their maturity date.