June 30, 2022

In line with a statement launched by way of the State Management for Marketplace Legislation, Hubei Xingji Instances Generation Co., Ltd., a smartphone industry corporate owned by way of Geely, signed an settlement with smartphone maker Meizu and its shareholders to procure a 79.09% fairness stake within the corporate.

Chinese language automotive corporate Geely formally introduced its access into the smartphone box in September ultimate yr with the smartphone challenge headquarters targeted within the Wuhan, Hubei Province. The corporate’s efforts are targeted at the high-end good smartphone and intend to serve the worldwide marketplace. Xingji Instances was once established in September 2021, and Li Shufu, founding father of Geely, holds 57.8452% of the stocks.

Meizu was once established in March 2003 with a focal point at the R&D of smartphone device and {hardware}. The corporate may be engaged in good wearable units, good house home equipment, type intake and digital merchandise.

Sooner than this transaction, Huang Xiuzhang, founding father of Meizu, and Taobao China held 49.08% and 27.23% stocks of Meizu respectively. After the transaction, Huang’s shareholding in Meizu was once lowered to 9.79%, and Taobao China withdrew its shareholding and keep an eye on within the corporate. The buyer Xingji Instances will hang a 79.09% fairness stake in Meizu and acquire unbiased keep an eye on of it.

Meizu additionally advised media outlet Tencent Generation on Monday that Xingji Instances, led by way of Li Shufu, signed a strategic funding settlement. But, the transaction nonetheless had to move in the course of the approval procedures by way of related regulatory government and main points of the transaction are nonetheless present process negotiation.

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SEE ALSO: Geely Sees Development with Smartphone Industry

Apart from Geely, NIO and Tesla even have plans to make smartphones. William Li, founding father of NIO, additionally mentioned in a media interview not too long ago that NIO would release a smartphone within the close to long run to check with the company’s electrical automobiles.