Lenovo Stock (0992): The German Subsidiary, the Pension Liability and the Segments That Report

As of 13 August 2026. Everything below is taken from documents Lenovo Group Limited published itself — its audited 2025/26 annual report, the quarterly announcement filed with the Hong Kong Stock Exchange on this date, its acquisition announcements from 2005 to 2018, and its own investor-relations pages — together with the exchange reference data and company legal notices listed at the foot.

Lenovo stock is the equity of a Hong Kong company that trades under stock code 992. That single sentence already hides three things a quote screen will not tell you: the Hong Kong listing runs two counters in two currencies, the American line is not an exchange listing at all, and the group's largest pension obligation sits in Germany. This page walks the filings in the order a reader outside Germany needs them — what the company is, what it reports, where it can be reached, and what the German entities actually are. It carries no price, no market capitalisation, no price target, no forecast and no recommendation.

What Lenovo Group Limited is, in its own words

The masthead on every 2026 filing reads Lenovo Group Limited, "(Incorporated in Hong Kong with limited liability)". It is a Hong Kong company, not a mainland-incorporated one, and that distinction is a matter of the constitutional documents, not of geography.

Its own annual-report description: a US$83 billion revenue global technology company, serving customers in 180 markets, executing a "Hybrid AI" strategy, with more than 20 research and development locations and more than 30 manufacturing sites across 10 markets. It names exactly two listed identifiers for itself — HKSE: 992 and ADR: LNVGY — and no others.

Directly beneath that description sits a footnote that is a genuine structural statement rather than boilerplate: the Company is the ultimate holding company of the group and, as a holding company, "does not design, develop, manufacture, or distribute products or services, or control any activities of the Company's subsidiaries" in doing so. Everything operational happens one layer down, in named subsidiaries.

One calendar point governs every comparison on this page: Lenovo's fiscal year runs from 1 April to 31 March. "FY2025/26" means April 2025 to March 2026. It is not the 2025 calendar year, and it does not line up with a December-year peer.

The three business groups Lenovo reports

Lenovo reports in three segments, using its own names: IDG (Intelligent Devices Group), ISG (Infrastructure Solutions Group) and SSG (Solutions and Services Group).

The latest audited period is FY2025/26, the year ended 31 March 2026: group revenue US$83,075 million against US$69,077 million the year before, and profit attributable to equity holders of US$1,912 million against US$1,384 million. By segment, that year: US$58.9 billion (IDG), US$19.2 billion (ISG) and US$10 billion (SSG).

The latest reported period is the quarter ended 30 June 2026, announced on 13 August 2026 and expressly unaudited:

• IDG — revenue US$17.1 billion, up 27 percent year-on-year; operating profit US$1.2 billion, also up 27 percent; operating margin stable at 7.1 percent.
• ISG — revenue US$8.5 billion, up 98 percent; operating profit US$777 million; operating margin 9.1 percent.
• SSG — revenue US$2.9 billion, up 28 percent; operating profit US$697 million, up 39 percent; operating margin 24.2 percent.

Segment operating profit is reported before group-level items and does not add up to group operating profit. Do not sum the three.

On PC share, Lenovo states 24.2 percent globally for the quarter ended 30 June 2026, up 0.5 percentage points year-on-year, and 25.1 percent for AI PCs. The announcement footnotes both to IDC; they describe that quarter and nothing else. Regionally, Asia Pacific excluding China, China, EMEA and the Americas each contributed between 18 and 37 percent of consolidated revenue, with EMEA revenue up 53 percent. The company also claims the number one PC position in EMEA for a 17th consecutive quarter; that positional claim carries no source footnote in the announcement and is therefore a company statement. Lenovo publishes no country-level revenue or share figure for Germany in any source read for this page.

On AI, the same quarter: AI-related revenue up 60 percent and equal to 35 percent of group revenue, and an AI server pipeline of US$54.0 billion, up 157 percent quarter-on-quarter. A pipeline is neither revenue nor an order book — it is a company-defined sales funnel, reproduced here because the company published it.

The quarter that reported a record and a loss at once

On 13 July 2026 Lenovo filed a board-meeting notice stating that its directors would meet on 13 August 2026 to consider and, if appropriate, approve the unaudited results for the three months ended 30 June 2026. That announcement duly appeared on 13 August 2026, signed by Yang Yuanqing as Chairman and Chief Executive Officer.

• Revenue US$26,943 million, against US$18,830 million a year earlier — up 43 percent.
• Gross profit US$4,452 million; gross margin 16.5 percent against 14.7 percent.
• Operating profit US$19 million, against US$785 million — down 98 percent.
• Loss before taxation US$180 million, against a profit of US$622 million.
• Loss attributable to equity holders US$609 million, against a profit of US$505 million; basic loss per share US(5.04) cents.

In the same table, under the heading "Non-HKFRS measures": adjusted profit attributable to equity holders of US$1,075 million, against US$389 million, up 176 percent, at an adjusted net margin of 4.0 percent.

Both numbers are in the same document and both are correct. The company explains the gap itself: the reported loss arises principally from a non-cash fair value loss of US$1,690 million on the revaluation of warrants issued in 2025, plus US$30 million of notional interest on convertible bonds. Lenovo adds that the warrant revaluation largely reflects movement in its own shares and is expected to remain a non-cash accounting item through the end of fiscal year 2027/28.

Two cautions belong with that. "Adjusted" is the company's own measure, outside the accounting standard, excluding exactly the items Lenovo lists — never read it as "the profit". And a valuation item driven by share movement works in both directions; this page draws no inference about future quarters from it.

The listed lines: 992, 80992, and a receipt that is not a listing

Lenovo trades on one exchange through two counters in two currencies. Every 2026 filing carries the same header: "HKD Counter Stock Code: 992 / RMB Counter Stock Code: 80992". Reference data from the company's own stock-information page: ordinary-share ISIN HK0992009065, board lot 2,000, ordinary shares first listed 14 February 1994, share registrar Tricor Investor Services Limited, Hong Kong. The audited report gives 12,404,659,302 ordinary shares in issue at 31 March 2026. The stock-information page prints the same count against a materially older date stamp; the audited 31 March 2026 figure is the one to use.

The American line is a Level I American Depositary Receipt trading over the counter under LNVGY, with Citibank, N.A. as depositary, ADR ISIN US5262501050, CUSIP 526250105, programme start 28 March 1995. A Level I OTC programme is not an exchange listing: there is no NYSE or Nasdaq line, and the company's own boilerplate names no third identifier.

On the ratio, an explicit limitation. Lenovo's investor page prints 20:1 in an ordinary-shares-to-ADR reading. The depositary's own page could not be reached on 13 August 2026, so the number is the issuer's and the direction is flagged here as unverified rather than asserted. Check it on your own contract note before using it in any calculation.

European readers meet a fourth reference: the ordinary share is reachable through Frankfurt under German reference data WKN 894983, symbol LHL, against the same ISIN HK0992009065 — the Hong Kong ordinary share itself, not a receipt and not a separate class. That is availability to trade, and this page deliberately does not describe it as a German listing or an admission to a regulated market, and makes no claim at all about other German venues, where the sources consulted disagreed with one another.

If what you want is the current quote, the useful question is not "what is the number" but which line the number belongs to: the HKD counter, the RMB counter, the Frankfurt reference, or the OTC receipt. Your contract note names the line; the venue's own page carries the price.

The pattern is not unique to Lenovo: Tencent Stock (0700): Where the Shares Actually Trade, and What Each Venue Owes You sets out the same question for another Hong Kong-listed issuer — which venue you are actually standing in, and what the German line carries.

The German side of the balance sheet

Three German facts sit in the audited accounts, and they are more specific than the coverage around them.

First, the subsidiary that used to be Medion AG. The FY2025/26 principal-subsidiaries table lists "Lenovo Computer AG (Formerly known as Medion AG)", Germany, paid-up capital EUR 48,418,400, held 100 percent (2025: 100 percent), activity "Retail sale of computers, computer equipment and supplies". The accompanying note states it was a publicly traded German stock corporation listed on the Frankfurt am Main stock exchange and "has been delisted in January 2025". January 2025 — not the widely repeated 2018 — and the corporate name today is Lenovo Computer AG. Lenovo acquired the stake in 2011: a package of roughly 36.66 percent at EUR 13.00 per Medion share, total consideration about EUR 231 million settled 80 percent in cash and 20 percent in new Lenovo shares, with closing announced on 29 July 2011 at approximately 51.89 percent. The accounts state the delisting and the 100 percent holding but name no legal mechanism, so none is stated here.

Second, the consumer brand is a different registered entity. The German MEDION shop's legal notice identifies medion GmbH, Am Zehnthof 77, 45307 Essen, Amtsgericht Essen HRB 36836, managing director Gerd Brachmann, describing itself as "part of the Lenovo group" with origins in 1983. No source read for this page connects medion GmbH to Lenovo Computer AG, and this page therefore asserts no conversion, merger, carve-out or sale between them. A shared city is not a structure. Note also that the subsidiaries table is expressly a list of principal subsidiaries, so an absence from it proves nothing either way.

Third, and least reported: the group's largest pension liabilities are in Germany. That is the annual report's own sentence. The plan is sectionalised, has both defined contribution and defined benefit features, and is closed to new entrants. Entitlement depends on which former IBM plan a participant was in; employees hired by IBM before 1 January 1992 hold a final-pay defined benefit. Alongside them sits the German Motorola Mobility plan, which in the report's own words has no employees but a large number of retirees and former employees with fully vested benefits not yet in payment. At the actuarial valuation date of 31 March 2026: the plans were 45 percent funded, the net liability was EUR 83,624,827, and EUR 8,971,252 was charged to the consolidated income statement for the year, at a discount rate of 4.40 percent and assumed future pension increases of 2.00 percent. The valuation is by Kern, Mauch & Kollegen, with Motorola Mobility valued by Willis Towers Watson; the plan is partly funded through an insured support fund with DBV-Winterthur to the tax-deductible limit, and — "in line with standard practice in Germany" — the remainder is unfunded book reserve. Group pension obligations within non-current liabilities total US$203,822 thousand (2025: US$220,784 thousand).

That line traces directly to two acquisitions usually told as American stories: the IBM Personal Computing Division, whose initial closing took place on 30 April 2005 and after which IBM held about 18.9 percent of the share capital and 9.9 percent of the voting rights; and Motorola Mobility, acquired from Google Inc. under an agreement dated 29 January 2014, with completion announced on 30 October 2014 at total consideration of US$2,910,000,000. A third deal, the IBM x86 server business, was agreed on 23 January 2014; two initial-closing announcements exist for it, in late September and early October 2014, so no single completion date is stated here.

Finally, what Germany is for Lenovo operationally. The audited subsidiaries table discloses two German entities: Lenovo (Deutschland) GmbH, capital EUR 25,100, 100 percent, "Distribution of IT products"; and Lenovo Computer AG as above, retail. Both are distribution and retail. Lenovo says it has more than 30 manufacturing sites across 10 markets but does not name the ten. This page therefore says neither that Lenovo manufactures in Germany nor that it does not — the market list is undisclosed, and absence of evidence is not evidence of absence.

Dividend, as declared

Lenovo states a policy of sustainable dividends on a semi-annual basis, aligned with profit growth and capital needs, without a pre-set payout ratio. What has actually been declared for the year ended 31 March 2026:

• A final dividend of HK33.7 cents per share (prior year: HK30.5 cents), recommended with the audited annual results.
• Approved by shareholders at the annual general meeting held 23 July 2026, where all resolutions were passed and items 1 to 8 carried as ordinary resolutions with more than 50 percent of votes cast in favour.
• Record date 7 August 2026; payable 19 August 2026.
• An earlier interim dividend of HK8.5 cents per share for the first half of the same fiscal year was declared in an announcement dated 20 November 2025.

Amounts and dates only. No yield appears on this page, because a yield requires a price and no price appears here either. What reaches a holder after currency conversion, withholding tax and custody charges is a different number and depends on the line held and the jurisdiction.

The next reporting date

Finding as at 13 August 2026: Lenovo's investor calendar ends with that day's quarterly announcement, and its announcements index shows nothing dated after it. No date has been announced for the results covering the period to 30 September 2026.

What the reporting pattern implies — and only implies: Lenovo reported the December quarter on 12 February 2026, the fiscal year to March on 22 May 2026, and the June quarter on 13 August 2026, roughly six to seven and a half weeks after each period end, with the prior year's interim dividend announced on 20 November 2025. That points to a window in November 2026. It is a derivation from the pattern, not a company announcement. Rely on the filing, not on data vendors — a date published by a third party is not a company announcement, however confidently it is presented.

Questions people actually ask

• What is Lenovo's ticker? 992 on the HKD counter and 80992 on the RMB counter of the Hong Kong Stock Exchange, one company and one exchange. LNVGY is the over-the-counter ADR.
• Is Lenovo listed in the United States? No. The ADR is a Level I over-the-counter programme, which is not an exchange listing; Lenovo names no US exchange line.
• Is Medion AG still a listed company? No. It was renamed Lenovo Computer AG and, per the audited accounts, delisted in January 2025; it is now wholly held by Lenovo.
• Does Lenovo pay a dividend? Yes, on a stated semi-annual basis. Most recently declared: a final dividend of HK33.7 cents per share payable 19 August 2026, preceded by an interim of HK8.5 cents.
• Why did Lenovo report a loss in a record quarter? Because of a non-cash US$1,690 million warrant revaluation recognised in operating expenses. The company's own adjusted measure, which excludes it, shows a profit; both figures are in the same announcement.
• Where should I look up the price? On the venue your account actually trades through, and check which line it is quoting — the HKD counter, the RMB counter, the Frankfurt reference under WKN 894983, or the OTC receipt.

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What WEEX offers on this name — and what it does not

This page is about identifying what is what, so the same standard applies to our own product shelf, including the part that is empty.

WEEX offers no Lenovo share, no tokenized Lenovo share and no spot pair on this name. Checked on 13 August 2026: a spot lookup on this name returns exactly the blank result that an invented control ticker returns. WEEX is a cryptocurrency exchange and does not list securities. There is exactly one WEEX market on this name, and it is a derivative — the LENOVO/USDT perpetual futures contract: LENOVO/USDT perpetual futures on WEEX.

• It is not a share. It conveys no ownership of Lenovo Group Limited, no shareholder rights, no votes and no entitlement to the dividend described above.
• It has no expiry. In place of settlement at maturity there is a periodic funding payment exchanged between long and short holders; per WEEX's own contract data as at 13 August 2026, those points fall at 00:00, 08:00 and 16:00, that is on an eight-hour cycle.
• It is traded with leverage, up to twenty times per the same contract data. Leverage magnifies losses: a small move against a position can consume the capital committed and trigger liquidation.
• This page does not claim the contract tracks, replicates or substitutes for any of the lines described above. What it references and how it settles are set out in the contract specifications on the product page.

A list of all contracts: WEEX futures markets.

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Primary sources

• Lenovo Group Limited, FY2026/27 First Quarter Results Announcement (unaudited, three months ended 30 June 2026), 13 August 2026 — https://doc.irasia.com/listco/hk/lenovo/interim/2027/int1q.pdf
• Lenovo Group Limited, FY2025/26 Annual Results Announcement (audited, year ended 31 March 2026) — https://doc.irasia.com/listco/hk/lenovo/annual/2026/res.pdf
• Lenovo Group Limited, Annual Report 2025/26 (note 37 subsidiaries, note 27 pension plans, directors' report "Germany — Pension Plan") — https://doc.irasia.com/listco/hk/lenovo/annual/2026/ar2026.pdf
• Lenovo Group Limited, Notification of Board Meeting, 13 July 2026 — https://doc.irasia.com/listco/hk/lenovo/announcement/a260713.pdf
• Lenovo Group Limited, Poll Results of the AGM held on 23 July 2026 — https://doc.irasia.com/listco/hk/lenovo/announcement/a260723.pdf
• Lenovo Group Limited, Discloseable Transaction — Acquisition of Shares in Medion AG, 1 June 2011 — https://doc.irasia.com/listco/hk/lenovo/announcement/a110601.pdf
• Lenovo Group Limited, Medion AG — Completion of the Share Purchase Agreement, 29 July 2011 — https://doc.irasia.com/listco/hk/lenovo/announcement/a110801.pdf
• Lenovo Group Limited, Initial Closing of the Acquisition of the Personal Computer Business of IBM, 3 May 2005 — https://doc.irasia.com/listco/hk/lenovo/announcement/a050503.pdf
• Lenovo Group Limited, Closing of the Acquisition of the Motorola Mobility Group, 30 October 2014 — https://doc.irasia.com/listco/hk/lenovo/announcement/a141030.pdf
• Lenovo Investor Relations, Stock Information — https://investor.lenovo.com/en/ir/stockinfo.php
• Lenovo Investor Relations, Investor FAQ — https://investor.lenovo.com/en/ir/faq.php
• Lenovo Investor Relations, Results and Presentations, Investor Calendar and Announcements (read 13 August 2026 for the next-date finding) — https://investor.lenovo.com/en/financial/results.php
• Deutsche Börse, Lenovo Group Ltd. instrument page (ISIN, WKN, symbol, venue) — https://live.deutsche-boerse.com/aktie/lenovo-group-ltd
• MEDION, legal notice (Impressum) — https://www.medion.com/de/shop/impressum
• MEDION, About us — https://www.medion.com/de/shop/ueber-uns

All sources retrieved 13 August 2026.

This content is general information only and is not financial, investment, legal or tax advice; it is not a recommendation to buy or sell any security or crypto asset, and it contains no price target, forecast or quoted price. Securities identifiers, ratios and venue details reflect the position evidenced on the stated date; your own contract note governs. Figures for the quarter ended 30 June 2026 are stated by the company as unaudited, and adjusted measures are company-defined figures outside the accounting standard. Crypto assets are highly volatile and can result in losses; leveraged products magnify losses and can result in the loss of the entire amount committed. Availability of WEEX services and products may vary by region. You are responsible for ensuring your participation complies with applicable local laws and regulations.