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Just a few months ago, the world's worst technology stock, kicked out of Hong Kong's Hang Seng Index, has become China's hottest technology stock, making a provocative comeback, Bloomberg reported.

Lenovo's share price has soared 42% in less than five months since it was stripped of the Hang Seng Index, beating all other Chinese technology stocks and winning the Hang Seng Index, which fell into a bear market this month.

The rapid reboot of the PC maker's stock is a welcome surprise for investors accustomed to Lenovo becoming the world's worst performing technology stock. Lenovo's share price fell 56% between March 2013 and April this year as the company repeatedly missed its goal of turning its troubled smartphone business into a profit.

Linus Yip, Hong Kong-based strategist at the Shanghai Securities Corporation, said: "Lenovo's fundamentals are rebounding, which surprised some investors. At a time when technology stocks like Tencent are facing growth bottlenecks, the story of a recovery in sales is particularly attractive in bear markets. Tencent's share price has fallen by 20% since Lenovo became famous in April.

The rebound was driven by a rebound in global PC shipments, which grew at the fastest rate in six years in the second quarter of this year, while Lenovo posted a net profit of $77 million, exceeding expectations. Thanks to strong sales and shipments of servers around the world, its smartphone division lost almost half of its losses over the same period last year.

As Lenovo shares soared, the short sellers suffered heavy losses. Since the day before Lenovo's second-quarter results, analysts have raised their average target price by 20%, the second largest increase in MSCI's China Index.

Editor in chief: Yu Jian SF069

Waonews is a news media from China, with hundreds of translations, rolling updates China News, hoping to get the likes of foreign netizens