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Auto giant Geely's founder acquires Chinese smartphone brand Meizu

Beijing, July 5 (IANS) The founder of Geely, China’s private automaker and Volvo’s parent company, Li Shufu has acquired the Chinese smartphone brand Meizu.

Xingji Technology, a smartphone company launched by Geely’s founder and chairman last September, acquired a controlling stake of 79.09 per cent from it.

“The two parties will work together to provide users with core products of multi-terminal, full-scene, and immersive integration experience,” the company said in a statement.

Founded in 2003 by Jack Wong, Meizu began as a manufacturer of MP3 players and later MP4 players.

In 2008, Meizu moved its focus to smartphones.

“Through the layout of the mobile phone business, the deep integration of the consumer electronics industry and the automotive industry, and the creation of a cross-border user ecological chain, super synergy can be achieved,” Shufu said.

Post this acquisition, Meizu Technology will continue to operate as an independent brand.

Huang Zhang, as the product strategy consultant of Meizu Technology, will continue to contribute to the development of Meizu Technology, and the top management team of Meizu Technology will remain stable.

Zhang said that in the past two decades, Meizu Technology has always adhered to the dedication and ultimate craftsmanship spirit, and maintained the persistent pursuit of products.

After the strategic investment in Meizu Technology, the two parties will cooperate in-depth, give full play to the experience and accumulation of years of consumer electronics research and development, and work together to become the world’s first full-ecological technology company with multi-terminal, full-scene, and immersive core technologies.

–IANS

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