text: Liu Chuanzhi and his group of ten experienced engineers, teaming up with Danny Lui, officially founded Lenovo in Beijing on November 1, 1984, with 200,000 yuan. The Chinese government approved Lenovo's incorporation on the same day. Jia Xufu (贾续福), one of the founders of Lenovo, indicated that the first meeting in preparation for starting the company was held on October 17 the same year. Eleven people, the entirety of the initial staff, attended. Each of the founders was a member of the Institute of Computing Technology of the Chinese Academy of Sciences (CAS). The 200,000 yuan used as start-up capital was approved by Zeng Maochao (曾茂朝). The name for the company agreed upon at this meeting was the Chinese Academy of Sciences Computer Technology Research Institute New Technology Development Company. Lenovo has increasingly diversified from the personal computer market and made a number of corporate acquisitions, with the most notable being acquiring and integrating most of IBM's personal computer business and its x86-based server business as well as creating its own smartphone.
  The organizational structure of the company was established in 1985 after the Chinese New Year. It included technology, engineering, administrative, and office departments. The group first attempted to import televisions but failed. It rebuilt itself as a company doing quality checks on computers. It also tried and failed to market a digital watch.