Lenovo that tracks the progress of these integrations. Lenovo has an annual meeting where the management of newly acquired companies meets with its top 100 executives. In these meetings, held in English, Lenovo explains its global strategy and how new executives fit into its plans. Lenovo acquired IBM's personal computer business in 2005, including the ThinkPad laptop and tablet lines. Lenovo's acquisition of IBM's personal computer division accelerated access to foreign markets while improving both Lenovo's branding and technology. Lenovo paid US$1.25 billion for IBM's computer business and assumed an additional US$500 million of IBM's debt. This acquisition made Lenovo the
Lenovo were driven by the popularity of Apple's iPhone and Lenovo's desire to increase its market share in mainland China. Lenovo passed Apple to become the No. 2 provider of smartphones to the Chinese market in 2012. However, due to there being about 100 smartphone brands sold in China, this second only equated to a 10.4% market share. 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. On January 27, 2011, Lenovo formed a joint venture to produce personal computers with Japanese electronics firm NEC. The