NEC and Lenovo jointly announced on July 4, 2011 the launch of NEC Lenovo Japan Group, according to the Japan Today. Combining the market shares of the two companies, the newly-formed joint venture is projected to account for approximately one-fourth of the Japanese PC market, according to the same source. It is reported that Lenovo will hold 51% of the JV, and NEC will own the remaining 49%. The new group is expected to keep the NEC and Lenovo brands, and the two companies' respective products will still be sold through respective existing channels.