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Lenovo Group Limited
Company typePublic
SEHK: 992
IndustryComputer hardware
Electronics
Founded1984 (Beijing)
FounderLiu Chuanzhi
HeadquartersMorrisville, North Carolina
(operational headquarters)
Hong Kong
(registered office)
Area served
Worldwide
Key people
Yang Yuanqing
(Chairman and CEO)
ProductsDesktops, servers, notebooks, tablet computers, netbooks, peripherals, printers, televisions, scanners, storage
RevenueIncrease US$ 29.57 billion (2012)[1]
Increase US$ 584 million (2012)[1]
Increase US$ 472 million (2012)[1]
Total assetsIncrease US$ 15.86 billion (2012)[1]
Total equityIncrease US$ 2.361 billion (2012)[1]
Number of employees
27,000 (2012)[1]
Websitewww.lenovo.com
Lenovo
Traditional Chinese聯想集團
Simplified Chinese联想集团
Transcriptions
Standard Mandarin
Hanyu Pinyinlián xiǎng jí tuán

Lenovo Group Limited (SEHK: 992) is a Chinese multinational computer hardware and electronics company with its operational headquarters in Morrisville, North Carolina, United States and its registered office in Hong Kong. Its products include personal computers, tablet computers, mobile phones, workstations, servers, electronic storage devices, IT management software and smart televisions. Lenovo is the world's second-largest PC vendor by 2011 market share (after Hewlett-Packard) and markets the ThinkPad line of notebook computers and the ThinkCentre line of desktops.[2] Lenovo was founded in Beijing in 1984 and incorporated in Hong Kong in 1988 under its previous name, Legend. Lenovo is listed on the Hong Kong Stock Exchange and is a constituent of the Hang Seng China-Affiliated Corporations Index.

Name

"Lenovo" is a portmanteau of "Le-" (from Legend) and "novo", Latin ablative for "new". The Chinese name (simplified Chinese: 联想; traditional Chinese: 聯想; pinyin: liánxiǎng) means "association" or "connected thinking" but can also imply creativity.[3]

For the first 19 years of its existence the company's English name was "Legend" (in Chinese 联想 Lianxiang). In 2002, Yang Yuanqing came to the conclusion that the company would have to abandon the use of the Legend brand name in order to develop outside of China, as the "Legend" name was already in use by a large number of other businesses worldwide, and its ubiquitous nature made it impossible to register in most markets. In April 2003, the company publicly announced its new name, "Lenovo", with a large media campaign involving huge outdoor billboards and primetime television advertisements. Lenovo spent 18 million RMB on television advertisements, which were broadcast daily for eight weeks. The billboard advertisements featured the Lenovo logo against blue sky with copy that read, "Transcendence depends on how you think." By the end of 2003, Lenovo had spent a total of 200 million RMB on the rebranding.[4]

History

In the 1980s, with market reforms in progress, the Chinese government hired Liu Chuanzhi to distribute imported computers. Liu founded Lenovo in 1984 with a group of ten engineers in Beijing with 200,000 yuan. Their first significant effort, an attempt to import televisions, failed. The group rebuilt itself within a year by conducting quality checks on computers for new buyers. Lenovo soon started developing a circuit board that would allow IBM-compatible personal computers to process Chinese characters. This product was Lenovo's first major success. In 1990, Lenovo started to manufacture and market computers using its own brand name.[5]

Founding and early history

Lenovo officially claims that it was founded on 1 November 1984. Lenovo's incorporation was approved by the Chinese government on the same day. Jia Xufu, one of the founders of Lenovo, claims the first meeting in preparation for starting the company was held on 17 October. Eleven people, the entirety of the initial staff, attended. Each of the founders were middle-aged members of the Computer Technology Research Institute. The 200,000 yuan used as start-up capital was approved by Zeng Maochao. The name for the company agreed upon at this meeting was the Chinese Academy of Sciences Computer Technology Research Institute New Technology Development Company.[4]

The Han-card, an add on card for personal computers that allowed them to efficiently process Chinese characters, was Lenovo's first successful product. By 1989 more than 15,000 Han-cards had been sold. Lenovo had a group of roughly thirty people, led by Ni Guangnan, dedicated to creating new versions of the Han-card, but had virtually no one working on testing and quality control. As a result, the Han-card developed a number of bugs and sales began to decline.[4]

Business ethics were a key challenge for Liu in establishing and expanding Lenovo. Liu says that at first he behaved "like a kind of dictator" and spent lots of time yelling. He had five corrupt executives sent to jail. Being late for a meeting could be punished by having to stand in silence before the group, a punishment that Liu accepted three times himself. Lenovo's culture gradually changed and Liu was able to relax his authoritarian style. Lenovo became an employer of choice for Chinese engineers and managers with overseas education.[6]

In May 1988, Lenovo placed its first advertisement seeking employees. The ad was placed on the front page of the China Youth News. Such ads were quite rare in China at this time. Out of 500 respondents, 280 were selected to take a written employment exam. 120 of these candidates were interviewed in person. Even though interviewers initially only had authority to hire 16 people, 58 were given offers. These new hires included 18 people with graduate degrees, 37 with undergraduate degrees, and three students with no university-level education. Their average age was 26. Yang Yuanqing was among this group.[4]

Lenovo became a publicly traded company after listing in Hong Kong in 1994, raising nearly $30 million.

IBM personal computer business

Lenovo made its acquisition[7] of IBM's personal computer business in 2005 amid a backlash in Congress against Chinese companies trying to purchase American businesses. Chinese oil company CNOOC abandoned its attempt to buy Unocal and appliance maker Haier Group ended its efforts to acquire Maytag. Lenovo has maintained a substantial research and development presence in North Carolina. Lenovo's acquisition of IBM's personal computer division accelerated access to foreign markets while improving both its branding and technology.[8]

Lenovo Mobile

Lenovo sold its mobile phone division in 2008 in order to focus on its personal computer business and then paid $200 million to buy it back in November 2009. Lenovo Mobile focuses on mobile internet devices such as smart phones and tablet computers[9] Lenovo Mobile now ranks third in terms of unit share in China’s mobile handset market.[10]

Lenovo invested 100 million yuan in a fund dedicated to providing seed funding for mobile application development for its LeGarden online app store. As of 2010, LeGarden had more than 1,000 programs available for the LePhone. At the same time, LeGarden counted 2,774 individual developers and 542 developer companies as members.[11] In May 2012 Lenovo announced an investment of US$793 million in the construction of a mobile phone manufacturing and R&D facility in Wuhan, China.[12]

Joint venture with NEC

On January 27, 2011, Lenovo formed a PC joint venture with Japanese IT company NEC. As part of the deal, the companies said in a statement they will establish a new company called Lenovo NEC Holdings B.V., which will be registered in the Netherlands. NEC will receive US$175 million from Lenovo through the issuance of Lenovo's shares. Lenovo, through a unit, will own a 51% stake in the joint venture, while NEC will hold a 49% stake. Lenovo has a five-year option to expand its stake in the joint venture.[13]

This joint venture with NEC is intended to boost Lenovo's worldwide sales by expanding its presence in Japan, a key market for personal computers. NEC has spun off its personal computer business into the joint venture. As of 2010, NEC controlled about 20% of Japan's market for personal computers while Lenovo had a 5% share. Lenovo and NEC have also agreed to explore cooperating in other areas such as servers and tablet computers.[14]

Roderick Lappin, chairman of the Lenovo-NEC joint venture, told the press that the two companies will expand their co-operation to include the joint development of tablet computers.[15]

Medion

In June 2011, Lenovo announced that it planned to acquire control of Medion, a German electronics manufacturing company. Lenovo said the acquisition would double its share of the German computer market, making it the third-largest vendor by sales (after Acer and Hewlett-Packard). The deal, which closed in the third quarter of the same year, was the first in which a Chinese company acquired a well-known German company. This acquisition will give Lenovo 14 percent of the German computer market. Gerd Brachmann, chairman of Medion, agreed to sell two-thirds of his 60 percent stake in the company. He will be paid in cash for 80 percent of the shares and will receive 20 percent in Lenovo stock. That would give him about one percent of Lenovo.[16]

CCE

In September 2012, Lenovo agreed to acquire the Brazil-based electronics company CCE, which sells products under the brand-name Digibras, for a base price of 300 million reais (US$148 million) in a combination of stock and cash and an additional 400 million reais dependent upon performance benchmarks.[17][18] Prior to its acquisition of CCE, Lenovo already established a $30 million factory in Brazil, but Lenovo's management had felt that they needed a local partner to maximise regional growth. Lenovo cited their desire to take advantage of increased sales due to the 2014 World Cup that will be hosted by Brazil and the 2016 Summer Olympics and CCE's reputation for quality.[19]

Following the acquisition, Lenovo announced that its subsequent acquisitions would be concentrated in the areas of software and IT services.[20]

Stoneware

In September 2012, Lenovo agreed to acquire the United States-based software company Stoneware, in its first software acquisition to date. The transaction is expected to close by the end of 2012; no financial details have been disclosed.[21][22] Lenovo said that the company was acquired in order to gain access to new technology and that Stoneware is not expected to significantly affect earnings. More specifically, Stoneware was acquired to further Lenovo's efforts to improve and expand its cloud-computing services. For the two years prior to its acquisition, Stoneware partnered with Lenovo to sell its software. During this period Stoneware's sales doubled. Stoneware was founded in 2000. As of September 2012, Stoneware is based in Carmel, Indiana and has 67 employees.[23][24]

Products and services

Mobile phones

Main article: LePhone

Lenovo launched the LePhone in order to compete against other smart phones. The LePhone is offered at a low price point, and is customized for the Chinese market. The LePhone has benefited from strong support from Chinese mobile phone companies and content providers such as Baidu, Alibaba, and Tencent. The LePhone supports the GSM standard, China's indigenous TD-SCDMA 3G standard used by China Mobile, the WCDMA 3G standard used by China Unicom, and China Telecom's CDMA 2000 network.[25][26][27] As of December 2011 the LePhone exclusively uses the Android operating system from Google, although Lenovo plans to release a version of the LePhone which uses Microsoft Windows in 2012.

According to IHS iSuppli, Lenovo was a top-three smartphone maker in China with a 16.5 percent market share in the first quarter of 2012. According to a May report released by IDC Lenovo ranks fourth in the global tablet market by volume.[28] As of August 2012, Lenovo was the second largest seller of mobile phones in China when measured by volume.[8]

Personal computers

ThinkPad

Main article: ThinkPad
The current Thinkpad logo

ThinkPad is a line of business-oriented laptop computers known for their boxy black design, modeled after a traditional Japanese lunchbox.[29] ThinkPads were originally an IBM product; they have been manufactured and sold by Lenovo since early 2005, following its acquisition of IBM's personal computer division. The ThinkPad has been used in space and is the only laptop certified for use on the International Space Station.[30]

IdeaPad

Main article: IdeaPad
A 2008 Lenovo Ideapad S10

The IdeaPad line of consumer-oriented laptop computers was introduced in January 2008. The IdeaPad is the result of Lenovo's own research and development; Unlike the ThinkPad line of notebooks, its design and branding were not inherited from IBM. The IdeaPad design marked a deviation from the business-oriented ThinkPad laptops, towards a more consumer-focused look and feel.[31] Among these changes were the inclusion of a glossy screen and the omission of the traditional ThinkPad TrackPoint.[32] Notebook Review said the keyboard had a ‘"distinctive ThinkPad feel" and "the touchpad and touchpad buttons were smooth and responsive."[33]

ThinkCentre

Main article: ThinkCentre

The ThinkCentre line of desktops was introduced in 2003 by IBM and this product line has been sold by Lenovo since 2005.[34]

IdeaCentre

Main article: IdeaCentre

The first IdeaCentre desktop, the IdeaCentre K210, was announced by Lenovo on June 30, 2008.[35] While IdeaCentre was designed to be purely desktop models, influences of the IdeaPad line were observed.[35] One such feature was Veriface facial recognition technology.[35]

At CES 2011, Lenovo announced the launch of four IdeaCentre desktops: the A320, B520, B320, and C205.[36] All desktops were designed as All-in-ones, combining processor and monitor into a single unit.[36] The desktops were described by HotHardware as being ‘uniquely designed’, with users needing to ‘gaze on each one to see which design would look best in your place’.[36]

Tablet computers

A Lenovo X61 Tablet
Main article: IdeaPad tablets

Lenovo sells tablet computers under the IdeaPad and ThinkPad product lines abroad and as the LePad in Mainland China. The LePad is part of an effort by Lenovo in the market for mobile internet devices. Lenovo has established a Mobile Internet and Digital Home Business Group in order to compete in this space. "The LePad is the first major launch since the business group's founding, we are confident in it and will continue to enrich its product line with better per-forming products and a richer selection of styles," Lenovo said in a written statement.[37]

Smart televisions

Main article: Lenovo LeTV

In November 2011 Lenovo said it would soon unveil a smart television product called LeTV, expected for release in the first quarter of 2012. "The PC, communications and TV industries are currently undergoing a 'smart' transformation. In the future, users will have many smart devices and will desire an integrated experience of hardware, software and cloud services." Liu Jun, president of Lenovo's mobile-Internet and digital-home-business division.[38]

Cloud services

Main article: Lenovo Cloud

In November 2011, Lenovo said it would offer a new cloud computing service that will allow users to share content between multiple devices, in addition to managing their personal information and social networking.[38]

Other products

Other Lenovo products include:

Operations

The Lenovo R&D centre in Shenzhen, China

Lenovo's principal facilities are in Beijing, Morrisville, North Carolina and Singapore, with research centers in those locations, as well as Shanghai, Shenzhen, Xiamen, and Chengdu in China, and Yamato in Kanagawa Prefecture, Japan.[39] Lenovo operates factories in Chengdu and Hefei in China, Japan, and as of December 2011 has plans to start production in Argentina.

Lenovo's manufacturing operations are a departure from the usual industry practice of outsourcing to contract manufacturers. Lenovo instead focuses on vertical integration in order to avoid excessive reliance on original equipment manufacturers and to keep down costs.[40] Speaking on this topic, Yang Yuanqing said, "Selling PCs is like selling fresh fruit. The speed of innovation is very fast, so you must know how to keep up with the pace, control inventory, to match supply with demand and handle very fast turnover." Lenovo benefited from its vertical integration after flooding affected hard-drive manufacturers in Thailand in 2011, as the company could continue manufacturing operations by shifting production towards products for which hard drives were still available.[41][42]

Lenovo began to accentuate vertical integration after a meeting in 2009 in which Yang Yuanqing, and the head of Lenovo's supply chain, analyzed the costs versus the benefits of in-house manufacturing, and decided to make at least 50% of Lenovo's manufacturing in-house. Lenovo Chief Technology Officer George He said that vertical integration is having an important role in product development. He stated, "If you look at the industry trends, most innovations for" PCs, smartphones, tablets and smart TVs are related to innovation of key components—display, battery and storage. Differentiation of key parts is so important. So we started investing more…and working very closely with key parts suppliers."[42]

In 2012, Lenovo partially moved production of its ThinkPad line of computers to Japan. ThinkPads will be produced by NEC in Yamagata Prefecture. Akaemi Watanabe, president of Lenovo Japan, said, "As a Japanese, I am glad to see the return to domestic production and the goal is to realize full-scale production as this will improve our image and make the products more acceptable to Japanese customers.”[42][43]

In October of 2012, Lenovo announced that it would start manufacturing computers in Whitsett, North Carolina. The initial investment in the facility of $2 million is expected to create 115 jobs.[44]

Corporate affairs

The Lenovo corporate campus in Beijing

The company executive headquarters are in Morrisville, North Carolina,[45][46] near Raleigh in the Research Triangle metropolitan area,[47] in the United States.[48] As of October 2012, the facility has about 2,000 employees.[49] Lenovo identifies its facilities in Morrisville, Beijing, and Singapore as its "key location addresses,"[50] where its principal operations occur.[45] The company stated that "[b]y foregoing a traditional headquarters model and focusing on centers of excellence around the world, Lenovo makes the maximum use of its resources to create the best products in the most efficient and effective way possible."[51] The company registered office is on the 23rd floor of the Lincoln House building of the TaiKoo Place in Quarry Bay, Hong Kong.[52]

Previously the company's U.S. headquarters were in Purchase, Harrison, New York. About 70 people worked there. In 2006, Lenovo announced that it was consolidating its U.S. headquarters, a logistics facility in Boulder, Colorado, and a call center in Atlanta, Georgia to a new facility in Morrisville. The company received offers of over $11 million in incentive funds from the local Morrisville, NC area and from the State of North Carolina on the condition that the company employ about 2,200 people.[53] If the company failed to employ that amount, it would not acquire the incentives.[54]

Financials and market share

Lenovo is the dominant supplier of computers in mainland China and became the world's second largest supplier of personal computers during the third quarter of 2011. Lenovo held around 13.5% of the worldwide computer market as of October 2011. The company's expansion was boosted in part by a joint venture with NEC in Japan and aggressive marketing to both professionals and consumers. Yang Yuanqing said that Lenovo would continue its expansion by focusing on technological convergence in the areas of smart phones, tablets, personal computers, and "smart TV." "We must deliver a great user experience across all platforms to achieve our goal and become the leading personal technology company in the world," he said.

In the second quarter of 2011, Lenovo was the world's third largest vendor of personal computers.[55] For the year ending with third quarter 2010, its market share increased from 8.6 percent to 10.4 percent.[56] The company is the largest seller of PCs in China, with a 28.6% share of the China market, according to research firm IDC in July, 2009. It reported annual sales of $14.9 billion for the fiscal year ending 2008/2009 (ending March 31, 2009).

During the first quarter of 2011, Lenovo held 31.7% of the Chinese personal computer market when measured by units sold. Lenovo reported a 98.3 percent rise in profit to $108.8 million during the first quarter of 2011, up from $54.86 million during the same quarter of the previous year. Lenovo shipped 10.28 million personal computers in the first quarter of 2011. Lenovo reported a 54-percent rise in profit for the third quarter of 2011, beating analyst predictions, in spite of slow sales growth and a shortage of hard drives.[57]

Ownership

As of October 1, 2011, 58% of Lenovo stock was held by the general public, 34% by Legend Holdings Limited, and 8% by other entities. The Chinese Academy of Sciences owns 36% of Legend Holdings.[58] The share of the Chinese Academy of Sciences, a PRC state science think tank, has the founding share and the largest share. As of 2011, the company is mostly privately managed, and it is registered and listed outside of Mainland China.[48]

On September 4, 2009, Oceanwide Holdings Group, a private investment firm based in Beijing, bought 29% of Legend Holdings, the parent company of Lenovo, for 2.76 billion yuan.[59]

IBM acquired a 18.9% share of Lenovo in 2005 as part of Lenovo's purchase of IBM's personal computing division.[60] Since then IBM has steadily reduced its holdings of Lenovo stock. In July 2008 the IBM's interest in Lenovo fell below the 5% threshold that mandates public disclosure.[61]

In November 2010, it was reported that private equity firms TPG Capital and General Atlantic were seeking to exit Lenovo with a HK$1.56 billion share placement.[62]

Responding to claims that Lenovo is a state owned enterprise CEO Yang Yuanqing said: "Our company is a 100% market oriented company. Some people have said we are a state owned enterprise. It's 100% not true. In 1984 the Chinese Academy of Sciences only invested $25,000 in our company. The purpose of the Chinese Academy of Sciences to invest in this company was that they wanted to commercialize their research results. The Chinese Academy of Sciences is a pure research entity in China, owned by the government. From this point, you could say we're different from state-owned enterprises. Secondly, after this investment, this company is run totally by the founders and management team. The government has never been involved in our daily operation, in important decisions, strategic direction, nomination of the CEO and top executives and financial management. Everything is done by our management team."[63]

Yang dramatically increased his ownership stake in by acquiring 797 million shares in 2011. As of June 2011, Yang owns an 8 percent stake in Lenovo. He previously owned only 70 million shares. In a statement, Yang said, "While the transaction is a personal financial matter, I want to be very clear that my decision to make this investment is based on my strong belief in the company's very bright future. Our culture is built on commitment and ownership - we do what we say, and we own what we do. My decision to increase my holdings represents my steadfast belief in these principles."[64]

Leadership

Liu Chuanzhi

Main article: Liu Chuanzhi

Liu Chuanzhi is the founder and chairman of Lenovo. Liu was trained as an engineer at a military college and later went on to work at the Chinese Academy of Sciences. Like many young people during the Cultural Revolution, Liu was denounced and sent to the countryside where he worked as a laborer on a rice farm.

Liu claims Hewlett-Packard as a key source of inspiration. In an interview with The Economist he stated that "Our earliest and best teacher was Hewlett-Packard." For more than ten years, Lenovo was Hewlett-Packard's distributor in China.[6] In reference to Lenovo's later acquisition of IBM's personal computer unit Liu said, "I remember the first time I took part in a meeting of IBM agents. I was wearing an old business suit of my father's and I sat in the back row. Even in my dreams, I never imagined that one day we could buy the IBM PC business. It was unthinkable. Impossible."[5]

Yang Yuanqing

Main article: Yang Yuanqing
Yang Yuanqing - Annual Meeting of the New Champions Tianjin 2008)

Yang Yuanqing is the chief executive officer of Lenovo. Yang was chairman of Lenovo's board from 2004 to 2008. Before the acquisition of IBM's PC division in 2004, he was president and CEO. One of his major achievements was leading Lenovo to become the best-selling personal computer brand in China since 1997. In 2001, Business Week named him one of Asia's rising stars in business. In February 2009, CEO Bill Amelio was replaced by Yang.[65]

In 2012, Yang received a $3 million dollar bonus as a reward for record profits, which he in-turn redistributed to about 10,000 of Lenovo's employees. According to Lenovo spokesman, Jeffrey Shafer, Yang felt that it would be the right thing to, “redirect [the money] to the employees as a real tangible gesture for what they done.” Shafer also said that Yang, who owns about eight percent of Lenovo's stock, "felt that he was rewarded well simply as the owner of the company.”[66] The bonuses were mostly distributed among staff working in positions such as production and reception who received an average of 2,000 yuan or about US$314. This was almost equivalent to a month's pay for the typical Lenovo worker in China.[67] According to Lenovo's annual report, Yang earned $14 million, including $5.2 million in bonuses, during the fiscal year that ended in March 2012.[68]

David Roman

David Roman was formerly an executive at HP and Apple. Roman has served as Lenovo's chief marketing officer since 2010. Roman says he came to work for Lenovo because he was impressed by Lenovo's innovation and Yang Yuanqing's determination. Roman says he saw opportunity in Lenovo's lack of clear branding. Roman says he wants to make Lenovo into a company considered "cool and innovative."[42]

Gianfranco Lanci

In April 2012, Lenovo named former Acer CEO Gianfranco Lanci head of its European unit. Lenovo said Lanci was hired to help achieve its goal of becoming a top-three personal computer maker in Europe within the year.[69]

Graham Kenneth Brown

In September 2012, Lenovo named Graham Kenneth Brown head of Lenovo Africa. Braum replaced David Drummond who resigned after being hired earlier the same year. Braum has previously held similar positions in the technology industry.[70]

Sponsorships

Olympics

The 2008 Summer Olympics Torch, which was designed by Lenovo
Main article: Olympic Games

Lenovo was an official computer sponsor of the 2006 Winter Olympics in Turin, Italy, and the 2008 Summer Olympics in Beijing.

When asked about Lenovo's brand Yang Yuanqing said, "Outside of China we still have a long way to go, and that's why we've paid a lot of attention to brand building, particularly in emerging markets. It's easier to do it in those countries compared with mature markets. The Beijing Olympics were very good for brand awareness in countries like the US and Argentina, but not good enough.

Space contest

As of December 2011, Lenovo is conducting a contest in conjunction with YouTube, NASA, the European Space Agency, and JAXA that will allow students between the ages of 14 and 18 the chance to devise experiments to be performed by astronauts on the International Space Station. Winners will receive a trip of their choice to either Japan or Russia in addition to having their experiments performed in space.

NFL

In July of 2012, Lenovo and the National Football League (NFL) announced that Lenovo had become the NFL's "Official Laptop, Desktop and Workstation Sponsor." Lenovo said that this was its largest sponsorship deal ever in the United States. Lenovo will receive advertising space in NFL venues and events and be allowed to use the NFL logo on its products and ads. Lenovo said that this sponsorship would boost its efforts to market to the key 18-to-35-year-old male demographic.

The NFL has been a Lenovo customer since 2007 and the sponsorship resulted from that relationship. NFL stars Jerry Rice, DeAngelo Williams, and Terry Holt were on hand for the announcement and a celebration with 1,500 Lenovo employees. Lenovo's sponsorship will last at least three years.[71]

See also

Further reading

  • Ling, Zhijun (2005). The Lenovo affair: the growth of China's computer giant and its takeover of IBM-PC. trans. Martha Avery. Singapore: John Wiley & Sons [Asia]. ISBN 978-0-470-82193-0. Retrieved 2009-09-16.{{cite book}}: CS1 maint: ref duplicates default (link)
  • McGregor, Richard. The Party: The Secret World of China's Communist Rulers. Harper Perennial: New York, 2012. ISBN 978-0-06-170876-3. Originally published in 2010 by Allen Lane, a Penguin Books imprint.

References

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