Chinese Lenovo recently announced that it has agreed to sell its mobile phone business to a private equity firm, Hony Capital Fund, for US$100 million in a bid to boost its profitability by concentrating on its core PC business, Sina Tech News reported.

Hony Capital Fund, with a 45% stake owned by Legend Holdings - which is the parent company of Lenovo Group - will acquire 60% of Lenovo's mobile phone arm through its subsidiaries Ample Growth and Jade Ahead, while the remaining 30% and 10% will be owned by two private equity firms LEV ventures and Super Pioneer, respectively, according to the same source.

In other mobile communications industry news, Motorola announced on January 31 that it was considering carrying out a restructuring of the company, according to Reuters. Options include selling the company's underperforming mobile phone business, which accounts for about half of Motorola's overall revenue. The decision is yet to be finalized, and further details have not been disclosed.