"We don't necessarily have the most successful smartphone business in China [but] now we actually have a new management team, we will refocus on our product strength...and get a clear strategy," said Wong.
According to Canalys, Xiaomi is number one in China with 16 percent of the market, followed closely by Huawei and then Apple.
"Lenovo (combined with Motorola) ranks eighth and its smartphone shipments to China declined 65 percent year-on-year in the fourth quarter," Jessie Ding, a research analyst at Canalys, told CNBC in an email interview.
Ding added that "while Lenovo is losing out quickly in China because it relies too much on low-end devices, it increased almost 60 percent year-on-year in India, and ranks in third place in India in Q4."
Lenovo's shares tumbled more than 10 percent on Wednesday after it reported its Q3 fiscal earnings. The stock regained some ground on Thursday, trading up 3.48 percent.
Follow CNBC International on Twitter and Facebook.
