Shares in Lenovo traded up sharply Friday in Hong Kong where shares in the world’s No. 2 PC maker are traded following media reports that it might buy at least part of IBM’s server business.

Reuters reported Friday that Lenovo issued a statement to the exchange in which the company said a possible acquisition of some kind could take place.  

Lenovo did not identify the acquisition target.

“As at the date of this announcement, no material terms concerning the potential acquisition Have been agreed,” the company said in the tatement. according to Reuters.

Computer Reseller News, a widely ready PC and tech industry publication, first reported Thursday that IBM (NYSE: IBM) is in active negotiations to sell its x86 brand of servers to Lenovo in a deal that could cost up to $6 billion.

Bloomberg news and The Wall Street Journal published similar reports Friday. A sale of a hardware business would follow recent strategy at IBM, which sold its PC business to Lenovo in 2005.

Lenovo won’t comment.

Neither would IBM when contacted by WRAL News.

“As usual, we do not comment on rumors or speculations in the market,” said media spokesperson Milanka Muecke. 

Added Doug Shelton of IBM: “By policy IBM does not comment on rumor or speculation regarding acquisitions or divestitures.”

IBM maintains an x86 facility at its RTP campus.

IBM’s CFO also declined comment about the x86 rumors during a conference call to discuss IBM’s latest earnings on Thursday evening. 

Lee Conrad, a spokesperson for Alliance@IBM that is seeking to represent IBM workers, confirmed that rumors are circulating about some kind of transaction.

“What we have been told by members is that something is coming down with System X,” Conrad told WRAL News.

“IBM is in active negotiations to sell its x86 server hardware business, and Lenovo has emerged as the top candidate to buy it, multiple sources with knowledge of the situation told CRN this week,” wrote Kevin McLaughlin in a story published Thursday afternoon.

Lenovo bought IBM’s PC division which was largely based in Raleigh, in 2005. The world’s No. 2 PC manufacturer operates its executive headquarters in Morrisville, which is less than a few miles from IBM’s main RTP campus.

Lenovo has become an aggressive player in the server business, recently launching a joint venture with EMC, one of the world’s largest manufacturers of storage devices.

EMC also has extensive operations across the Triangle, including manufacturing as well as research and development. 

IBM is scheduled to announce quarterly earnings Thursday after the markets close.

The IBM rumor is the latest in a series of reports about possible acquisitions by Lenovo, including BlackBerry. Lenovo ended up denying that story after repeated versions of it appeared worldwide. Japanese media also has reported Lenovo might buy NEC’s mobile phone business.

However, Lenovo has pursued an aggressive acquisition strategy over the past two years, buying a major PC company in Germany, another firm in Brazil and a software company while also striking a joint PC manufacturing venture with NEC in Japan.