Though the company sells a popular, Android-based handset in China called the LePhone, Read said Lenovo has no immediate plans to enter the U.S. smartphone market.

FORBES: Lenovo President Sees Tablets Capturing 20% Of PC Market

Lenovo unveiled a prototype tablet PC at the Consumer Electronics Show in Las Vegas last January, and has launched the LePhone smartphone in China with China Unicom.

FORBES: Lenovo Dreams Of Markets Beyond China

Lenovo's Android-based LePhone (not LePhono, sadly) may not be officially launching in China until next month, but the company did just hold a launch event of sorts in the country, in which it revealed a few new details and did a fair bit of boasting.

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But the LePhone competes on the same China Unicom shop shelf space as the Apple iPhone, and sales for both smartphones have not taken off due to consumers shunning China Unicom for a restrictive two-year 3G contracts and perceived better network coverage by larger China Mobile.

FORBES: Lenovo Dreams Of Markets Beyond China