Hubei Xingji Shidai wants to buy a majority stake in Chinese smartphone maker Meizu. Xingji Shidai was founded last year by Eric Lee, founder and president of automaker Geely, and is set to sell high-end smartphones next year.
Two Meizu shareholders said they wanted to sell their 79 percent stake in the smartphone manufacturer to Xingji Shidai, Reuters writes† It is not clear to what extent the shares will be exchanged. The two companies say they have entered into a “strategic investment agreement” and that the share acquisition is still being investigated by regulators. Details of the deal have not yet been agreed.
Mine He founded Xingji Shidai last year To be able to make high-end smartphones that have to be sold all over the world. The first phones are supposed to appear next year, when the company also wants to sell three million. By acquiring Meizu, Xingji Shidai has acquired an experienced smartphone maker, something that will assist in the development and sale of smartphones. Meizu phones are not officially available now in the Netherlands or Belgium.
In addition to smartphone maker Xingji Shidai, Lee founded Geely 35 years ago. Still the head of this car manufacturer. Geely owns manufacturers such as Volvo, Polestar and Lotus, as well as manufacturers who make cars for the Chinese market. Geely says in response that there is a “close relationship” between car technologies and smartphones. Companies are likely to work together a lot. This means that Li may not be the only person who wants to be active in these two markets at the same time; In addition to smartphones, Sony and Apple may also want to sell cars in the future.
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