China's CAS (Chinese Academy of Science), which holds a 65% stake in Lenovo parent Legend Holding, recently announced that the academy will sell a 29% stake in Legend, Lenovo's parent company, for 2.76 billion RMB (US$405.9 million; US$ = 6.8 RMB) through its investment arm, CAS Holdings, the Sina News reported on August 7. Aiming to streamline the operations of Lenovo, the academy stated that qualified bidders must be local companies, which have at least four billion RMB (US$588.2 million) of registered capital and run operations for more than two decades with businesses covering finance, energy, and real estate, according to the same source. Lenovo, a spin-off of the CAS in 1984, started as a distributor for foreign brands and began to sell its own-brand PCs in 1990.