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China's Answer to Apple: The LePad and the LePhone

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Lenovo Group Ltd., China’s largest maker of personal computers and known for its Thinkpad laptops, plans to put an “extreme focus” on challenging Apple's (AAPL) iPad and iPhone with the LePad and LePhone. Good LeLuck, right?

It's iPhone competitor, the LePhone, was launched in China last May. Still, Apple's iPhone commands a tremendous share in China, with first-half shipments of more than 900,000 last year, according to Bloomberg.

“We have an extreme focus on the innovation of LePad and LePhone because these products will dominate the future market,” Chairman Liu Chuanzhi told Bloomberg in an interview at the World Economic Forum in Davos. “Anyone who loses this battle
will be phased out from the history of this industry.” Ouch. Those are some pretty high stakes.

Lenovo hopes to launch its iPad competitor, the LePad by the end of March.

About 98 percent of Lenovo's 2009 sales were from personal computers, and less than 1 percent from mobile phones, according to Bloomberg. This morning the company announced it was partnering with NEC to expand into the Japanese personal computer and laptop market. 
POSITION:  No positions in stocks mentioned.