Of the many trends in consumer electronics, today's announcement by Lenovo highlights two of the biggest: 1) PC makers are desperate to get in on that handheld smartphone action, and 2) China is the place to do it with its 700 million mobile subscribers. That's why Lenovo is putting up $200 million in cash and stock to reacquire its former mobile business sold to a group of investors last year; a move made possible by Lenovo's recent return to profitability. Although Lenovo says its focus will be on the Chinese market, don't be surprised when you see Lenovo branded handsets headed to downtown stores or your favorite high-street shops -- assuming the deal passes shareholder approval, of course.