IBM sold off a chunk of its stake in Lenovo Group, leading the world\u2019s third-largest PC vendor to temporarily suspend trading of its shares in Hong Kong on Tuesday.Lenovo spokeswoman Angela Lee said IBM had informed the company it planned to sell a large block of shares but had not provided specific details of the transaction. IBM did not immediately respond to a request for comment."The trading of Lenovo\u2019s shares has been suspended at our request, pending the release of an announcement...relating to the placing of Lenovo\u2019s shares by IBM," Lee said. At 2:40 p.m. local time Tuesday, trading of the company\u2019s shares remained suspended.Lenovo\u2019s shares were trading at Hong Kong $3.20 (US$0.41) per share when they were suspended, a drop of 7 percent from the previous day\u2019s close.That price matches the reported selling price IBM received for its shares, which were offered to investors at a discount, according to several press reports Tuesday. Citing information offered to investors, those reports said IBM sold 300 million shares in Lenovo Group in a sale worth HK$960 million.IBM, which sold its PC division to Lenovo in 2005, has gradually reduced its stake in Lenovo since that deal. A further sale of shares would be in keeping with the company\u2019s stated plan to sell down its stake in Lenovo.Prior to the reported sale, IBM held a 13.2 percent stake in Lenovo, making it the company\u2019s second-largest shareholder. The sale of shares\u2014estimated at 3.5 percent of Lenovo\u2019s total shares\u2014will reduce IBM\u2019s holdings to 9.7 percent.While IBM reduces its stake in Lenovo, the two companies remain close partners. Lenovo Tuesday announced the signing of a five-year agreement for IBM to provide technical support, installation, deployment and other PC-related services to its customers. The deal could be worth up to US$245 million to IBM, Lenovo said in a filing to the Hong Kong stock exchange.-Sumner Lemon, IDG News Service (Singapore Bureau)Related Link:\n\nLenovo Q3 Profits Up Despite Flat SalesCheck out our CIO News Alerts and Tech Informer pages for more updated news coverage.