December 5, 2023

SHANGHAI (Reuters) – A project run by the founder of Chinese automaker Zhejiang Geely Holding (GEELY.UL) announced Monday that it has completed the purchase of a 79.09% stake in the Meizu smartphone brand, and that the two companies will operate. closely on mobile technologies.

The deal by Hubei Xingji Shidai Technology Co Ltd, which Geely President Eric Lee launched last year as part of the automaker’s push to premium smartphones, was first revealed to the public in June via a statement from the Chinese market regulator. It did not provide financial details of the deal.

The companies said in a joint statement that Meizu will continue to operate as an independent brand, under Xingji Technology, and will look forward to working closely in areas such as software development.

She added that Xingji Technology is currently developing a range of next-generation smartphones, mobile devices and smart wearable devices that will use “extended reality” technologies.

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(Reporting by Josh Horowitz) Editing by Muralikumar Anantharaman

Our criteria: Thomson Reuters Trust Principles.

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