Lenovo Group (??), a Chinese PC manufacturer based in Beijing, is planning on buying IBM’s PC division, reports the NY Times. An “Unknown Giant,” Lenovo Group is China’s largest PC maker, and the 8th largest in the world. Recently, Lenovo has been facing competition and price wars with Dell, IBM, and HP, causing its earning to fall lower than expected. Still, The Lenovo Group controls 27% of China’s market–and that’s a big market.

Don’t hold your breath–at least one other bidder has opened negotiations.