Might China's leapfrogging include their primary computer maker, Lenovo, buying IBM's PC division (which has the third largest global market share in PC's)? C|Net has heard a rumor about it, and has a good article describing Lenovo's ambitions for the world market.

Update 12/09/04: No longer a rumor, it happened. See the NYT article on it, which also comments on the event's significance for eastward economic power shift.