Lenovo sells its products in around 160 countries. Lenovo's principal facilities are in Beijing and Morrisville, with research centers in Beijing, Shanghai, Shenzhen, Xiamen, Chengdu, Nanjing, and Wuhan in China, Yamato in Kanagawa Prefecture, Japan, and Morrisville in the U.S. It also has a joint venture with NEC, Lenovo NEC Holdings, which produces personal computers for the Japanese market. Lenovo was founded in Beijing in November 1984 as Legend and was incorporated in Hong Kong in 1988. Lenovo acquired IBM's personal computer business in 2005 and agreed to acquire its Intel-based server business in 2014. Lenovo entered the smartphone market in
Lenovo Yuanqing said: "I believe urbanisation will help us further increase the overall [domestic] PC market." Yang also stressed the opportunity presented by the China's relatively low penetration rate of personal computers. Lenovo previously benefited from the Chinese government's rural subsidies, part of a wider economic stimulus initiative, designed to increase purchases of appliances and electronics. That program, which Lenovo joined in 2004, ended in 2011. Lenovo enjoys consistent price premiums over its traditional competitors in rural markets and a stronger local sales and service presence. Lenovo has gained significant market share in India through bulk orders to large companies and