Samsung Sees Steep Jump in Revenue and Operating Profit in 1Q24
Samsung expects a turnaround in the global smartphone market in the second half of 2024.
The outlook for Lenovo shareholders is looking grimmer after the stock was dropped from Hong Kong’s benchmark stock gauge, according to Bloomberg.
The Beijing-based company will be replaced by CSPC Pharmaceutical Group, as part of Hang Seng’s quarterly review. The re-balancing will take effect on June 4, the index compiler said in a statement.
Lenovo has plunged 57 percent since it was added to the gauge in 2013 to lose $5.9 billion in value. The company has struggled to revive its business as it lost market share in mobile. Removal from the gauge could spur more outflows from Lenovo, as at least $107 billion worth of passive funds track the Hang Seng Index, data compiled by Bloomberg show.
"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," Lenovo said in an emailed statement.