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Meizu Technology

Company

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Manufacturer of digital electronic devices.

Owners:
Geely International Corporation - 79%

Content

Owners

History

2022: Geely bought smartphone maker Meizu

In mid-June 2022, it became known about the sale of Meizu to the Chinese automaker Zhejiang Geely Holding. The perimeter of the transaction includes 79% of the company engaged in the production of smartphones, according to data released by the antimonopoly regulator of the PRC.

It is clarified that Hubei Xingji Shidai Technology, a member of Geely, agreed to acquire a stake from two Meizu shareholders. The value of the deal was not disclosed.

Geely bought smartphone maker Meizu

Xingji Shidai and Meizu said in statements that they had signed a strategic investment agreement, but the deal was still being reviewed by regulators and details were still being negotiated.

Geely said in a statement when asked about the deal that there was a "close technological link" between car cabins and smartphone software.

Xingji Shidai was launched by Geely chairman Eric Lee in 2021. The company's goal is to develop smartphones (and other "smart" gadgets) for a wide audience. Meizu's resources are likely to help get this work started.

In September 2021, the company announced that the company intends to release its first smartphone by 2023 and sell 3 million units in the first year, citing an internal document.

The document also said that the project will be financed by investments in the amount of 10 billion yuan ($1.55 billion), and its revenue in the first year will be 10 billion yuan.

Founded in 2003, Meizu has been one of the best-known smartphone brands in China for some time, but has lost ground to local rivals such as Xiaomi, Oppo and Vivo over time by 2022. Meizu has not made significant progress, and a partnership with Sony that aimed to bring Flyme apps to Xperia smartphones has not helped resuscitate the company.[1]

Notes

Шаблон:Remarks