China's Lenovo Group (Pink: LNVGY), the No. 2 PC maker, introduced its lightest laptop, the 3-pound ThinkPad X1, its latest entrant in the ultralight market. The 14-inch laptop with battery life up to eight hours will be shipped later in August.

The ThinkPad X1 weighs nearly a pound less than its predecessor and uses the new Ultrabook chip from Intel (Nasdaq: INTC), the No. 1 chipmaker, and is intended to battle the iPad from Apple (Nasdaq: AAPL), the world's most valuable technology company, as well as the forthcoming Surface from Microsoft (Nasdaq: MSFT), the world's biggest software company.

Prices were not mentioned. Lenovo previously entered the tablet market last year with the ThinkPad tablet, which deploys a new chip from Qualcomm Inc. (Nasdaq: QCOM), the top designer of chips for mobile phones.

Lenovo American Depositary Receipts rose 55 cents to $15.95 in Tuesday trading.