Liu Chuanzhi, dubbed the "pioneer of Chinese capitalism," is the winner of this year's Lifetime Achievement Award at CNBC's Asia Business Leaders Awards (ABLA).
"I feel inadequate and humbled, especially when compared to past winners," Liu says about receiving the award.
The Chinese entrepreneur founded Legend, which later was renamed Lenovo, in 1984. At the time, Liu who was a researcher with the Chinese Academy of Sciences, when he and 10 engineers borrowed $25,000 from the state-backed institute to start their own computer business.
"As China was a closed economy then, computers were massive, but the functions were extremely limited," says Liu, in a "Managing Asia" interview.
Red tape was one of the initial hurdles to becoming a PC maker in China, Liu says, noting that merely winning approval from authorities to be permitted to manufacture computers was difficult.