SHANGHAI -A enterprise run by the founding father of Chinese language automaker Zhejiang Geely Holding plans to amass an 79% stake in Chinese language smartphone maker Meizu, a press release revealed by China’s anti-monopoly regulator confirmed on Monday.
The State Administration of Market Regulation stated that Hubei Xingji Shidai Know-how Co Ltd had agreed to buy the stake from two of Meizu’s shareholders. It didn't give a price for the deal.
Xingji Shidai and Meizu each stated in related statements that they'd signed a strategic funding settlement however the deal was nonetheless being reviewed by regulators and particulars had been nonetheless being negotiated.
Geely stated in a press release to a Reuters question in regards to the deal that there was a “shut connection in applied sciences” between car cockpits and smartphone software program.
Xingji Shidai was launched by Geely’s chairman Eric Li final 12 months as a part of a push into premium smartphones, making the Volvo proprietor the primary established carmaker to enter the extremely aggressive sector. Li owns a 55% stake in Xingji Shidai.
Reuters reported in September that the enterprise goals to launch its first smartphone by 2023 and promote 3 million models in its first 12 months, citing an inside memo.
The memo additionally stated that the challenge can be funded with a ten billion yuan ($1.55 billion) funding and is focusing on income of 10 billion yuan in its first 12 months.
Established in 2003, Meizu was as soon as one in every of China’s best-known smartphone manufacturers nevertheless it has lately misplaced floor to native rivals like Xiaomi, Oppo and Vivo.
Post a Comment