In December of 2004, IBM sold their personal computer division to Chinese computer company Lenovo for $650 million in cash and $600 million in stock. IBM has just sold off 300 million shares of Lenovo stock, going from a 13.2% ownership in the company to 9.7%. After announcing great profits for the fourth quarter of 2006, Lenovo's stock had jumped, but news of the IBM sell-off brought Lenovo's share price down quickly enough that the company requested a suspension of trading. While Lenovo was counting on IBM's help to market their PCs in the United States, Lenovo spokesperson Angela Lee said "We have always known that IBM is not in the business of investing in PC companies, and this comes as no surprise."