Chinese authorities reportedly confirmed Hubei Xingji Shidai Technology, a company founded by the chairman of automotive giant Zhejiang Geely Holding Group, bought a majority stake in smartphone maker Meizu.
Citing a statement by China’s State Administration of Market Regulation, Caixin Global reported Hubei Xingji Shidai Technology had acquired a 79 per cent stake in the handset company. The news follows reports earlier this year stating Geely was in talks to buy the device maker.
Meizu’s new majority shareholder was set-up by Geely founder and chairman Eric Li in September 2021 with the aim of entering the high-end smartphone market.
At the time Li highlighted crossovers between mobile device technology and the automotive industry, where Geely is one of the world’s largest players with brands including Lotus and Volvo in its portfolio.
Financial terms of the deal were not disclosed, though Caixin Global noted shares had been bought from Meizu founder Huang Zhang, who retains a 9.79 per cent stake, and Alibaba Group subsidiary Taobao China Holding.
Meizu produces mid- and high-tier handsets and related accessories, selling to its home market of China alongside a number of other countries including Turkey and Russia.Subscribe to our daily newsletter Back