The Chinese Academy of Sciences, a state-run research institute, announced earlier this month that it is looking to sell part of its 65% stake in Legend Holdings Ltd., the parent company of Lenovo Group Ltd., for 2.76 billion yuan ($404 million U.S.).

The planned sale of a 29% stake would reduce the academy's holdings in the PC maker to 35%, according to a spokesman. The government is seeking a buyer with expertise in capital management and marketing, he added.

The buyer must agree not to resell its stake, alter Legend's strategy or propose changes to the company's executive base for five years, the academy said in a statement.

Lenovo declined to comment.

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