(Yicai Global) Dec. 23 -- Lenovo Group, the world's biggest personal computer, has confirmed that it plans to build an innovative science and industry park in the northern Chinese city of Tianjin. The company's shares rose.

The park will serve as Lenovo's headquarters for innovative research and development, venture capital incubation and other businesses in Beijing and other Chinese cities, according to a statement. The park will be located in the Tianjin Airport Economic Area, with the first phase covering about 166,675 square meters. It did not disclose the cost or schedule.

Lenovo's shares [HKG:0992] rose 0.8 percent today to close at HKD5.18 (67 US cents) each. The benchmark Hang Seng Index was little changed. Shares in its wholly owned project partner, Tianbao Infrastructure [SHE:000985], opened more than 3 percent above their Dec. 20 close, but ended 0.3 percent lower today, outperforming a 1.7 percent retreat in the Shenzhen Component Index.

Tianjin-based Tianbao Infrastructure and a yet-to-be-determined third party will jointly set up a company to develop and run the park, it said on Dec. 20. Lenovo and the partners will invest CNY700 million (USD99.8 million), CNY600 million and CNY500 million, respectively, in the new company, it added.

Lenovo confirmed in late March 2017 that it would headquarter its VC group in the Tianjin Airport Economic Area and estimated the total investment to be over CNY5 billion (USD713.0 million). Beijing-based Lenovo will also establish companies in the park for fund management, printing, smart glasses, enterprise cloud, and smart healthcare.

The two parties will make full use of Lenovo's brand influence and Tianbao Infrastructure's experience in developing industrial parks to complement each other's respective advantages, share opportunities and achieve mutual benefit, Tianbao said in its statement.