Geely chairman eyes phone-making by acquiring Meizu Tech

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Li Shufu, founder and chairman of carmaker Zhejiang Geely Holding Group Co, is increasing his manufacturing empire to incorporate smartphones and client electronics by acquiring a majority of shares in Android gadget maker Meizu Technology Co.

Founded practically 20 years in the past, Meizu was one of many pioneers of China’s fast-follower cadre of telephone makers who constructed up their market by intently imitating the feel and appear of Apple Inc’s iPhone. Hubei Xingji Shidai Technology Co, a cell gadget firm based by Li in 2021, has signed an settlement to amass 79.09% of Meizu, in keeping with an organization assertion launched by Xingji Technology.

Meizu will proceed to function as an unbiased model, whereas Xingji is growing “a portfolio of next-generation smartphones, mobile devices, and wearable smart devices that will utilise XR technologies”. Extended actuality (XR) tech is a broad umbrella time period for augmented and digital actuality purposes, providers and units.

Under the settlement, the 2 firms will “collaborate to integrate mobile technologies” and supply customers with “bundled cross-platform services”, the assertion stated.

The essential entity underneath Li’s empire, Geely Automobile, is accelerating its shift towards a extra electrified, clever, and upscale product portfolio to capitalize on rising demand from Chinese automobile patrons. It launched a devoted electric-car model, Zeekr, in 2021 as a mixture of the traits of a tech firm with Geely’s carmaking experience, Geely president An Conghui stated in an interview with Bloomberg Television final yr.

Zeekr is aimed to steal an edge on tech giants like Apple and Xiaomi Corp, which seem poised to begin treating automobiles as a chunk of {hardware} that’s consistently improved with software program upgrades, An added. The acquisition of Meizu appears to carry Li’s competitors with these leaders within the smartphone house to their market earlier than they’ve entered his.

“The ever-increasing integration of consumer electronics into our daily lives is driving demand for interoperability across multiple platforms,” Li stated. “Future development will be driven by integrated relationships across multiple devices and platforms that deliver an immersive experience for end users.” – Bloomberg



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