Lenovo shares fall after Google seeks to sell its shares

The shadow of an attendee sits on a podium wall during a Lenovo Group Ltd news conference in Hong Kong, China, May 26, 2016. [Photo/VCG]

Shares of Lenovo Group Ltd fell by more than 3 percent on Thursday morning after Google Inc was reported to be seeking to raise between $218 million (151.34 million pounds) and $221 million by selling shares in the world's largest personal computer maker.

According to a report by Reuters, Google is looking for buyers of its 371 million Lenovo shares at a price range of HK$4.56 to HK$4.62 per share.

Last week, Lenovo reported its first loss in six years, with financial performances weighed down by restructuring cost as well as declining sales of PCs and smartphones.

The Hong Kong-listed technology company registered a net loss of $128 million for the fiscal year ending in March. Only one year earlier, Lenovo reported a profit of $829 million.

Lenovo and Google did not immediately reply to China Daily's requests for comment.