Deals made by China's Lenovo Group of IBM Corp's low-end server unit and Google's Motorola Mobility business should be finalized by the end of 2014, according to a report by Reuters, citing Lenovo Chief Executive Officer Yang Yuanqing.

The deals are undergoing approval by Chinese and U.S. regulators, according to the report.

"Both deals are under the approval process in the two countries and they are progressing," Yang said in a statement at Lenovo's annual general meeting in Hong Kong.

Last week, the $2.3 billion IBM deal was in limbo while the U.S. government investigated national security issues, according to a report by The Wall Street Journal.

Lenovo's announcement, which was made back in January, came almost a decade after the company purchased IBM's ThinkPad business for $1.75 billion.

"We hope to complete the two deals by year-end," Yuanqing said. "The U.S. government and U.S. Army are all our clients. There has been no issue and we will keep this tradition."

Tensions between China and the U.S. reached new highs after the U.S. Department of Justice charged five Chinese military officials with hacking the systems of U.S. companies to obtain trade secrets last May, according to Reuters.

China has since denied the claims and countered to accusations by accusing Washington of massive cyberspying.

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