Lenovo (known at the time as Legend) became publicly traded after a 1994 Hong Kong IPO that raised nearly US$30 million[15] at HK$1.33 per share.[16] Prior to the IPO, many analysts were optimistic about Lenovo. On its first day of trading, the company's stock price hit a high of HK$2.07 and closed at HK$2.00 suggesting an initial under-valuing of the company. Proceeds from the offering were used to finance sales offices in Europe, North America and Australia, to expand and improve production and research and development, and to increase working capital.
