Geely’s acquisition of Meizu is coming to the end

Today, the official website of the Anti-monopoly Law Enforcement Division of the Chinese State Administration for Market Regulation disclosed that Hubei Xingji Shidai Technology Co. Ltd. and Zhuhai Meizu Technology Co., Ltd. have signed an agreement to acquire a 79.09% stake in Meizu Technology from Xingji Shidai Technology, as well as an agreement on strategic investment issues.

The public statement shows that before the transaction, the Meizu’s founder Huang Xiuzhang and Taobao (China) Software Co., Ltd. owned 49.08% and 27.23% of Meizu Technology, respectively, and jointly controlled it. Following the completion of this transaction, Huang Xiuzhang’s stake in Meizu Technology will be reduced to 9.79% and Taobao will withdraw from stake and control. The acquirer Xingji Shidai Technology will hold 79.09% of Meizu Technology’s equity and will obtain the right to individual control of the company.

This transaction still needs to go through the approval procedures of relevant regulatory authorities. There is currently no official statement from either party on the acquisition. It is also unclear whether the Zhuhai-based company will continue to produce its products under the Meizu brand.

Hubei Xingji Shidai Technology Co. Ltd, was established in September 2021 by the chairman of the Geely Holding Group, Eric Li. The new Wuhan-based company will focus on integrating global technology and resources to develop premium smart devices, including smartphones.

Zhejiang Geely Holding Group is a technology company with business in the automotive, intelligent mobility, green transportation and digital technologies sectors. The company owns several brands, including Geely Auto, Lynk & Co, Zeekr, Volvo Cars, Polestar, Lotus, London Electric Vehicle Company, Farizon Auto, CAOCAO Mobility, etc.