Lenovo was founded in Beijing on 1 November 1984 as Legend by a team of engineers led by Liu Chuanzhi and Danny Lui. Initially specializing in televisions, the company migrated towards manufacturing and marketing computers. Lenovo grew to become the market leader in China and raised nearly US$ 30 million in an initial public offering on the Hong Kong Stock Exchange. Since the 1990s, 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. Lenovo has operations in over 60 countries and sells its products in around 180+ countries. It was incorporated in Hong Kong, with global headquarters in Beijing, and Morrisville, North Carolina, United States. and operational centres in Singapore and Morrisville, North Carolina, US. It has research centres in Beijing, Chengdu, Yamato (Kanagawa Prefecture, Japan), Singapore, Shanghai, Shenzhen, and Morrisville, and also has Lenovo NEC Holdings, a joint venture with NEC that produces personal computers for the Japanese market.