Legend Holdings, parent of Lenovo Group, China 's largest PC maker, will invest more than 200 million yuan, or 24 million US dollars, in Nanjing Sincere Pharmaceutical Company. That's according to a statement issued by Legend's investment arm Legend Hony Capital Limited.

The statement followed an earlier report by media which incorrectly stated that Nanjing Sincere would be bought by Lenovo. The report cited Nanjing Sincere's general manager Ren Jinsheng. Ren did not disclose details of Legend's investment or the stake to be held, but he said it would be "far beyond" 200 million yuan. Ren said Legend first made plans to enter the pharmaceutical sector three years ago and will focus on research and development of new drugs, mainly cardiovascular and cancer treatments, after it invests in Nanjing Sincere.