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Lenovo reported an increase in net profit in its third quarter on lower revenue despite strong sales.

Lenovo says that it held 28% of the Chinese computer market at the end of 2004.

In December, Lenovo of course announced an agreement to buy IBM's PC division for $1.25 billion.

"The acquisition of IBM's global desktop computer and notebook computer business is progressing smoothly and on schedule," Lenovo CEO Yang Yuanqing said.

"Lenovo also is upbeat to see the approval from the United States to buy IBM's PC business," he said.

IBM will hold 18.9% of Lenovo's total shares.

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