Monday, April 22, 2024
BusinessChinese Carmaker Geely Acquires Smartphone Brand Meizu

Chinese Carmaker Geely Acquires Smartphone Brand Meizu

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Xingji Technology, which is owned by Chinese auto giant Geely, and smartphone brand Meizu held a strategic investment signing ceremony in Hangzhou on Monday. Under the arrangement, Xingji Technology will hold 79.09% of the controlling shares of Meizu, gaining independent control.

After this strategic investment, Meizu will continue to operate as an independent brand. Huang Zhang, the founder of Meizu, holds 9.79% equity, and will continue to contribute to the development of the firm as strategic consultant of Meizu products. The senior management team of the smartphone company will remain stable.

Shen Ziyu, Vice Chairman of Xingji Technology, is to become the new chairman of Meizu. The executive said: “It will continue to maintain an independent brand and team, and will release brand-new products next year. There is no conflict between Xingji Technology and Meizu on product planning for Xingji aims at the high-end smartphone market. With the strength of Meizu, Xingji Technology can quickly develop products, so both parties will cooperate closely. Xingji Technology will continue to invest resources in product innovations, such as XR, AR and AI.”

After strategic investment, Meizu will get more support from industrial chain and ecological resources. It will no longer be just a mobile phone company. Xingji Technology believes that Meizu has a profound historical accumulation in the mobile phone industry, especially in the operating system field. Through strategic investment, they can enhance market competitiveness and accelerate the overall strategic implementation of Xingji Technology.

Xingji Technology focuses on the R&D of high-end smartphones, XR technology products and wearable smart products and ecological construction. Chairman Eric Li said that technologically innovation and ecological integration between the consumer electronics industry and the automobile industry are imperative. In the future, the smart car and smartphone industries will be integrated, which can create an ecological chain for users to realize deep collaboration.

SourcePandaily
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