On May 29, Lenovo Group’s Hong Kong stock price rose over 30%, hitting a record high.

[ Gearbest Technology News]According to the “Shanghai Securities News”, on May 29, the AI ​​computing power sector of the Hong Kong stock market rose overall. Lenovo Group once rose by more than 30% during the session, reaching a maximum of 25.7 Hong Kong dollars per share, setting a record high. The market value once exceeded 310 billion Hong Kong dollars. As of press time, the increase remained at around 27%. On the same day, Legend Holdings rose by more than 15%, and related Southbound Trading Information Technology ETFs also rose simultaneously. Huabao Southbound Trading Information Technology ETF surged more than 4% intraday, and ChinaAMC Southbound Trading Information Technology ETF once rose by more than 5%, both setting new price highs since listing.

Lenovo

The rise in Lenovo's stock price is believed by the market to be the result of a combination of multiple factors. On the news, US server manufacturer Dell Technologies announced its first quarter results for fiscal year 2027 after the market closed on May 28. The core indicators exceeded market expectations. Revenue for the quarter was US$43.8 billion, a year-on-year increase of 88%; AI-optimized server revenue reached US$16.1 billion, a year-on-year increase of 757%, and AI backlog reached a record high of US$51.3 billion. Boosted by its performance, Dell's stock price rose nearly 40% after the market closed, driving global market optimism towards AI infrastructure-related companies.

Lenovo's own progress in the AI ​​field has also been recognized by the market. According to its previously disclosed results for the 2025/2026 fiscal year, annual revenue was US$83.075 billion, a year-on-year increase of 20%; the annual AI revenue growth rate reached 105%, and the revenue proportion increased to 33%. In the fourth fiscal quarter, AI-related business revenue increased by 84% year-on-year, accounting for 38%. The Infrastructure Solutions Group's revenue in the fourth fiscal quarter was US$5.6 billion, a year-on-year increase of 37%, setting a quarterly record high. The proportion of high-unit-price AI server products continues to increase. It currently has an annual production capacity of 11,000 liquid-cooled AI server racks, and plans to deliver the next generation of Rubin AI server racks in the second half of fiscal year 2026.

Recently, many institutions have raised Lenovo's target price. Goldman Sachs maintained a “buy” rating and raised the target price from HK$12.53 to HK$27, an increase of 71.4%. Shenwan Hongyuan gave it a “buy” rating for the first time, believing that the company's AI-related business catalysts have not yet been fully released. Some market analysts say that Lenovo's rise is the result of the resonance of three factors: the spillover effect of Dell's AI performance, the improvement of its own AI business, and the institution's increase in target price. It is currently being revalued by the market as the “Chinese version of Dell.”