Liu founded Lenovo in 1984 with a group of ten engineers in Beijing . Lenovo officially states that it was founded on 1 November 1984. Each of the founders was a middle-aged member of the Institute of Computing Technology attached to the Chinese Academy of Sciences. The 200,000 Yuan used as start-up capital was approved by Zeng Maochao. The name for the company agreed upon at this meeting was the Chinese Academy of Sciences Computer Technology Research Institute New Technology Development Company. Founder: Liu Chuanzhi