--- title: "LEGENDHOLDING Gains Over 3%; Citi Raises TP to HKD22.6" type: "News" locale: "en" url: "https://longbridge.com/en/news/296051748.md" description: "Legend Holdingshares rose over 3% to HKD19.65 as Citi raised its target price from HKD17 to HKD22.6, maintaining a Buy rating. The upgrade reflects strong AI-driven growth at Lenovo Group and Legend Holding's positive profit alert for H1 2026, expecting net profit of at least RMB2 billion. Citi anticipates the industrial incubation business will contribute over RMB1.8 billion in profit, offsetting potential dilution risks from Lenovo's convertible bonds." datetime: "2026-08-17T03:36:43.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296051748.md) - [en](https://longbridge.com/en/news/296051748.md) - [zh-HK](https://longbridge.com/zh-HK/news/296051748.md) generator: "portal-rs" --- # LEGENDHOLDING Gains Over 3%; Citi Raises TP to HKD22.6 LEGENDHOLDING (03396.HK) +0.400 (+2.105%) Short selling $15.12M; Ratio 4.013% opened 2.21% higher today and peaked at HKD19.95. It is now trading at HKD19.65, up 3.42%, with trading volume of 8.9577 million shares and turnover of HKD176 million. Citi issued a report updating its model for LEGENDHOLDING, mainly based on the actual 1Q results of LENOVO GROUP (00992.HK) -0.580 (-1.726%) Short selling $956.95M; Ratio 9.803% and the positive profit alert issued by LEGENDHOLDING in early August. LENOVO GROUP's 1Q results beat expectations across the board, reinforcing its AI-driven structural growth narrative. In addition, Citi expects LEGENDHOLDING's industrial incubation and investment business to contribute more than RMB1.8 billion in profit in 1H26, mainly benefiting from gains generated by Z.AI (02513.HK) -75.000 (-5.906%) Short selling $1.16B; Ratio 7.740% and SJ (688820.SH) +15.660 (+11.350%) . Reflecting the latest market value of LEGENDHOLDING's listed investments and forex factors, Citi raised the TP from HKD17 to HKD22.6 and maintained the Buy rating. Citi noted that LENOVO GROUP recently announced a net loss of USD609 million for 1Q of FY2026/27, mainly due to a fair value loss of USD1.7 billion arising from warrants as a result of the share price increase during the period. Excluding this factor, the underlying performance remained strong. Citi estimated this would translate into a loss contribution of about RMB189 million to LEGENDHOLDING in 1H26. Under a bear-case scenario, Citi assumed all unconverted convertible bonds of LENOVO GROUP would be converted and all 1.15 billion warrants would be exercised. Analysis showed LEGENDHOLDING's stake in LENOVO GROUP would be diluted from about 32.05% to about 25.20%. Citi assumed LEGENDHOLDING intends to maintain at least a 30% stake to preserve its controlling shareholder status, estimating that LEGENDHOLDING would need to spend at least about HKD25.4 billion to purchase LENOVO GROUP shares from the open market. In addition, LEGENDHOLDING previously issued a positive profit alert, expecting net profit for the first half to be no less than RMB2 billion, compared with RMB699 million in 1H25. Citi estimated LEGENDHOLDING's industrial incubation and investment business would contribute more than RMB1.8 billion in profit in 1H26, far above the loss of RMB386 million in 1H25. (ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-08-14 16:25.) (A Shares quote is delayed for at least 15 mins.) ### Related Stocks - [03396.HK](https://longbridge.com/en/quote/03396.HK.md) - [LNVGY.US](https://longbridge.com/en/quote/LNVGY.US.md) - [00992.HK](https://longbridge.com/en/quote/00992.HK.md) - [02513.HK](https://longbridge.com/en/quote/02513.HK.md) - [688820.CN](https://longbridge.com/en/quote/688820.CN.md) - [80992.HK](https://longbridge.com/en/quote/80992.HK.md) ## Related News & Research - [Legend Holdings (SEHK:3396) Stock Can Thin Margins Support Its Earnings Rebound?](https://longbridge.com/en/news/297410267.md) - [Is Lenovo Group (SEHK:992) Fully Valued On Its Manufacturing Expansion?](https://longbridge.com/en/news/297326738.md) - [Lenovo earns Disability Index recognition as World’s Top Disability Inclusive Business](https://longbridge.com/en/news/297024355.md) - [Lenovo showcases VMware Cloud Foundation innovations at VMware Explore 2026](https://longbridge.com/en/news/297523147.md) - [AI Was Supposed to Kill Wix. Google Just Gave It a Way to Fight Back.](https://longbridge.com/en/news/297433684.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**