Produced by Radar Finance Hongtu | Written by Peng Xue | Edited by Shenhai

Recently, several domestic tech giants including DJI and Midea have begun to "fight against overtime," frequently trending on social media and sparking heated discussions.

Lenovo has also joined the anti-neijuan movement. On March 12, Lenovo's official account published an article titled "The Nights Here Are Quiet," stating that "Lenovo is leading the anti-neijuan culture among tech giants." The article mentions that as early as 2019, Lenovo began opposing neijuan and the "996" work schedule.

In the secondary market, Lenovo reached its highest share price of HK$13.6 (adjusted for previous rights issues) on February 21, 2025. Since then, the company's market value has dropped by HK$24.8 billion in less than a month, with a share price decline of nearly 15%.

Lenovo Stands Firm Against 996

Recently, multiple domestic tech giants, such as DJI, Midea, and Miniso, have taken a stand against overtime, trending widely on social media.

In response, Lenovo's official account published an article titled "The Nights Here Are Quiet" on March 12, emphasizing that "Lenovo is at the forefront of the anti-neijuan culture among tech giants."

Lenovo emphasized that opposing 996 and encouraging most employees to leave work on time is not a new initiative but a long-standing consensus among its workforce.

However, Lenovo clarified that it does not strictly enforce timekeeping, promotes flexible working arrangements, and does not set a specific time for employees to leave work. This does not imply encouragement of the "lying flat" mentality, as Lenovo believes that true competitiveness stems from technological innovation, not meaningless internal consumption.

Lenovo's Opposition to 996 Has a Long History

As early as March 2021, Yang Yuanqing solemnly stated, "At Lenovo, we have always emphasized the balance between work and life, and we are firmly opposed to the 996 work schedule." This statement also garnered significant attention on social media.

Furthermore, the article mentioned that Lenovo issued a statement in 2019, clearly stating that "Lenovo does not practice 996."

The article elaborated: "Just before Labor Day, a nationwide debate about the numbers 996 raged on. Supporters associate these numbers with hard work, the times, and success, endorsing their necessity. Opponents, on the other hand, invoke the Labor Law, reminding every worker of their rights. As a 35-year-old Chinese company, what is Lenovo's stance? We don't practice 996, but we do strive for excellence!"

"We understand that some may doubt this is merely a slogan. However, if you visit Houchangcun, where Lenovo's headquarters is located, every night, perhaps your doubts will dissipate," Lenovo said.

Lenovo shared a video from a blogger who regularly captures the "lights-out map" of Houchangcun at 8 PM. Lenovo's building consistently has the fewest lights on. "It's important to note that the so-called 'lights out' here is not a mandatory blackout but rather the lights automatically turning off after work. Of course, you might occasionally see some Lenovo employees working late under the lights, striving for their goals," Lenovo explained.

Lenovo's Market Value Drops by HK$24.8 Billion Since Year's High

In 1984, Liu Chuanzhi led a team of 10 Chinese computer scientists to establish a business, naming it "Lenovo." At that time, private enterprises were in their nascent stages, and Lenovo began by distributing and acting as an agent for foreign brands such as IBM, HP, and SUN.

In 1992, instead of continuing as an agent for foreign manufacturers, Lenovo chose to forge its own brand path. Through organizational restructuring and establishing its own distribution network, it eventually emerged victorious in the market competition. By 1997, Lenovo had become the leading PC market player in China.

According to Tonghuashun IFind data, Lenovo Group Limited successfully listed on the Hong Kong Stock Exchange in February 1994.

According to Tianyancha, Lenovo Group Limited, formerly known as LEGEND GROUP LIMITED, was established in 1993 and is a member of Beijing Lenovo, located in the Hong Kong Special Administrative Region. The company primarily focuses on computers, computer peripherals, and software. In 2024, the company completed a debt financing transaction worth US$2 billion.

A total of 48 risk information entries and 6 lawsuit-related entries have been recorded for Lenovo Group.

Radar Finance observed that on February 21, 2025, Lenovo reached its highest share price of HK$13.6 (adjusted for previous rights issues), corresponding to a market value of approximately HK$168.7 billion. On March 14, Lenovo's closing price was HK$11.6 per share, with a total market value of HK$143.9 billion.

Based on these figures, Lenovo's market value has declined by HK$24.8 billion in less than a month, representing a 14.7% drop in share price.