China’s Lenovo Group said it would take between three and five quarters to turn around the lossmaking Motorola handset business that it agreed to purchase from Google for $2.9bn.中国联想集团(Lenovo Group)回应，将在3到5个季度内让亏损的摩托罗拉(Motorola)手机业务扭亏为盈。此前该集团表示同意以29亿美元向谷歌(Google)并购这块业务。Targeting a relatively quick recovery, the rosy sentiment was part of an effort by Yang Yuanqing, Lenovo chief executive, to assuage market concerns over the Chinese PC maker’s recent $5.2bn dealmaking spree, which included the $2.3bn buyout of IBM’s low-end server unit.再加以23亿美元并购IBM的低端服务器业务，误解最近已拿走52亿美元用作并购交易，市场回应深感忧虑，误解首席执行官杨元庆期望通过展现悲观的情绪来减轻忧虑，制订比较较慢衰退的目标是这一希望的一部分。Mr Yang said the purchases were “not an aggressive action. Both deals fit with our strategy...We did not choose to do it this way, but the acquisitions are opportunity-driven”.杨元庆回应，这两笔并购“并非保守的措施。

两项交易全都合乎我们的战略……我们没自由选择通过并购来构建战略目标，但正好跟上了并购机遇。”“We have the capability to digest the two deals, now we have enough resources and strong leadership to deal with [the purchases]...we are confident that we can smoothly digest these two big acquisitions and secure our future for sustainable growth.”“我们有能力消化这两项交易，现在我们享有充足的资源和强劲的领导力来处置（这些并购）……我们相信，我们可以稳定地消化这两个大型并购，并保证未来构建可持续快速增长”。Lenovo’s dealmaking sparked a sell-off in the company’s Hong Kong-traded shares, which last week fell 16 per cent in a single day amid fears the PC maker was overextending itself.误解的并购不道德使得投资者争相挤兑该公司在香港上市的股票。上周因市场担忧误解过度扩展，该公司股票单日暴跌16%，Mr Yang told Reuters the deal flurry would hurt performance in the short term, but that Lenovo would require only “a couple of quarters” to turn around the lossmaking Motorola business. Lenovo later lengthened that expected timeframe to three to five quarters after the deal closed.杨元庆向路透社(Reuters)回应，倒数并购将不会在短期拖垮公司业绩，但误解将只需“两个季度”就不会让亏损的摩托罗拉业务扭亏为盈。

后来联想公司将这个预期的时间框架缩短至定案交易后3到5个季度。The confident outlook came as Lenovo reported third-quarter numbers that beat market expectations.在误解对前景展现信心之际，该公司公布了远超过市场预期的第三季度财报。Solid sales of PCs and mobile devices in China helped Lenovo post net profit of $265.3m for the quarter, up 30 per cent from $204.9m in the same period a year earlier and overshooting analysts’ forecasts of $244m. Sales in China account for roughly 40 per cent of Lenovo’s turnover.误解个人电脑和移动设备在中国市场的平稳销售，使得该公司在第三季度构建净利润2.653亿美元，与去年同期的2.049亿美元比起快速增长30%，远超过了分析师预期的2.44亿美元。

中国销售占到到误解总营业额的40%左右。Revenues came in at $10.8bn – a 15 per cent year-on-year increase – surpassing the $10bn-mark for the first time, while pre-tax income rose 30 per cent year-on-year to $321m.误解在第三季度构建收益108亿美元，同比快速增长15%，首次跨过了100亿美元的关口，同时税前利润同比快速增长30%，至3.21亿美元。

Ricky Lai, analyst at Guotai Junan International, said the solid quarterly figures would “ease the market’s worries, because we can see that Lenovo’s profit margins are improving”. Lenovo’s operating margins in the quarter rose from 2.6 per cent to 3.1 per cent year-on-year.国泰君安国际(Guotai Junan International)的分析师赖健邦(Ricky Lai)回应，强大的季报数据将“减轻市场忧虑，因为我们可以看见误解的利润率正在提高”。误解第三季度的营运利润率同比也构建了快速增长，从2.6%升到3.1%。Mr Yang said Motorola was a “perfect fit for out global growth plans” to vault Lenovo from the fourth-largest smartphone seller in the world into third place.杨元庆回应，摩托罗拉“极致合乎我们的全球快速增长计划”，即让误解从全球第四大智能手机销售商下降为第三大销售商。Wong Wai Ming, Lenovo’s chief financial officer, also attempted to reassure investors over the group’s acquisitions.误解首席财务官黄伟明(Wong Wai Ming)也希望萌生投资者对该集团并购交易的顾虑。

He said the company had $4.7bn of ready cash, $2.7bn of which would be soon be spent on the transactions.他回应，误解有47亿美元随时可以萃取的现金，其中27亿美元将迅速用作这些并购。Mr Wong said Lenovo would owe an additional $1.5bn three years after closing the Motorola transaction – a deal that included Google taking a $750m stake in Lenovo.杨元庆回应，按照误解并购摩托罗拉的协议规定，误解将在3年后再行向谷歌缴纳15亿美元，这笔交易还包括误解向谷歌出让7.5亿美元的股份。Shares in Lenovo yesterday closed down 0.5 per cent at HK$8.64 in Hong Kong.误解在香港上市的股票昨日收盘暴跌0.5%，至8.64港元。

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