Lenovo is one of the world's leading personal technology companies, producing innovative PCs and mobile internet devices. Now, #286 on fortune 500 list, Lenovo is the world's largest PC vendor and fourth largest smartphone company. While the Lenovo brand came into existence only in 2004, the company has a much longer history. In 1984, Legend Holdings was formed with 200,000 RMB (US$25,000) in a guard house in China. The company was incorporated in Hong Kong in 1988 and would grow to be the largest PC company in China. Legend Holdings changed its name to Lenovo in 2004 and, in 2005, acquired the former Personal Computer Division of IBM, the company that invented the PC industry in 1981. Today, Lenovo is a US$47 billion personal technology company with more than 57,000 employees (including joint ventures) in more than 60 countries serving customers in more than 160 countries. Lenovo has major research and manufacturing centers in countries around the world.